• Q1 earnings drop 2.7%
  • Sales climb 6.3%
  • Reaffirms FY EPS guidance

US apparel and footwear retailer Genesco said it is pleased with its performance in the first quarter, despite reporting a slight fall in earnings.

Earnings dropped 2.7% to US$14.1m in the three months ended 3 May. The decline was a result of one-off charges, including expenses related to its acquisition of Schuh Group.

Sales in the quarter, however, increased 6.3% to $629m from $591m in the year ago period. Comparable sales, including same store sales and comparable e-commerce and catalog sales, edged up 1%.

CEO Robert Dennis, said: "We are pleased with our performance given the choppy retail environment, combined with the lack of a meaningful, new fashion driver in the teen footwear space early in the year. We continue to expect stronger comparable sales gains and improved profitability as we move into the back half of the year."

Based on its first quarter performance and current visibility, Genesco has reiterated its previously announced guidance for adjusted fiscal 2015 diluted EPS in the range of $5.40 to $5.55.