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US specialty retailer Genesco's Q1 FY22 sales jump 93% to $539 mn

14 Jun '21
2 min read
Pic: Genesco/Journeys
Pic: Genesco/Journeys

Genesco, a US-based specialty retailer of footwear and accessories, reported 93 per cent sales rise to $538.7 million in its first quarter (Q1) FY22 ended on May 2, 2021, compared to the sales of $279.2 million in the corresponding period of previous fiscal. The company's net earnings for the quarter were $8.8 million (Q1 FY21: loss $134.7 million).
 
“Fiscal 2022 is off to a very strong start with a first quarter that meaningfully exceeded our expectations. Our momentum has been building each quarter following the disruption from Covid-19 last year and trends accelerated as the first quarter progressed. Our outperformance was driven by better than anticipated results at every division, led by record first quarter revenue and profitability at Journeys,” Mimi Vaughn, Genesco president and chief executive officer, said in a press release.
 
For Q1 FY22, gross margin rose to $257.6 million ($120.1 million), while selling, general and administrative expenses were $239.4 million ($189.0 million). Genesco’s operating income for the quarter improved to $15.5 million (loss: $156.0 million).
 
Sales of Journeys Group segment surged to $376.5 million ($168.9 million), while Schuh Group sales increased to $68.7 million ($47.1 million). Johnston & Murphy Group sales were $48.7 million ($38.8 million).
 
“The momentum from the first quarter has continued into May. Even as the pandemic continued to impact our business to varying degrees, our exceptional performance reflects the strong competitive positions of our retail and branded concepts and the traction we are experiencing with the footwear focused strategy we embarked on a couple of years ago, combined with a boost from US government stimulus and pent-up demand as the economy reopened,” Vaughn said in the release.

Fibre2Fashion News Desk (JL)

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