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American specialty retailer Genesco posts Q4 FY21 sales of $637 mn
09 Apr 21 2 min read
Genesco, a US-based specialty retailer of footwear and accessories, reported 6 per cent sales decline to $636.8 million during its fourth quarter (Q4) FY21 ended on January 30, 2021 compared to the sales of $677.6 million in same period previous fiscal. However, the company’s net earnings for the quarter jumped to $89.9 million (Q4 FY20: $35.5 million).
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“We concluded an incredibly challenging year with a fourth quarter that exceeded our expectations across the board highlighted by strength at Journeys. Our improving performance throughout fiscal 2021 under difficult circumstances reflects the strength of our retail concepts prior to Covid-19 and our success capitalising on the opportunities that emerged during the pandemic to fortify the leadership positions of our teen and young adult footwear businesses,” Mimi Vaughn, Genesco president and chief executive officer, said in a press release.
For Q4 FY21, gross margin dropped to $291.8 million ($317.5 million), while selling, general and administrative expenses were $226.5 million ($260.6 million). Genesco’s operating income rose to $62.6 million ($45.3 million).
Sales of Journeys Group segment for Q4 FY21 decreased to $464.7 million ($466.1 million), while Schuh Group sales were down to $97.0 million ($111.7 million). Johnston & Murphy Group sales declined to $50.3 million ($86.1 million).
“The numerous digital investments we've made over the past several years allowed us to take advantage of the accelerated shift to online spending to achieve record digital revenue of nearly $450 million, an increase of almost 75 per cent year-over-year, while also fuelling record profitability for this channel,” Vaughn said.
Fibre2Fashion News Desk (JL)
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