Footwear retailer Genesco has reported a second quarter loss despite sales gains, but said it was pleased with the pace of its business.
Fiscal 2011 second quarter earnings reflected pretax charges of $3.2m, primarily related to fixed asset impairments, purchase price accounting adjustments, a loss related to the Nashville flood and acquisition expenses, the company said.
Robert J Dennis, chairman, president and chief executive officer of Genesco, said: “Our second quarter results were in line with our expectations, with a same-store sales increase for the Company, thanks to increases in the Lids Sports Group and Journeys Group. Increases in incentive compensation accruals related to improved performance masked declines in store occupancy cost and other key expense items as a percent of sales.
“The Back-to-School season has been strong for us so far, with comparable store sales up 8% for August. While we expect this trend to moderate as we proceed through the third quarter, this is an encouraging start to the second half of the year.”
Click here to view the company’s full second quarter financial statement.
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