Genesco reports sales of $279 mn in Q1 FY21

In its first quarter (Q1) FY21 update, Genesco Inc, a US-based specialty retailer, reported 44 per cent decline in its sales to $279 million compared to sales of $496 million in same period last year. Company incurred a net loss during the quarter that ended on May 2, 2020 of $134.7 million compared to net income of $6.3 million in Q1 FY20. 

 

In its first quarter (Q1) FY21 update, Genesco Inc, a US-based specialty retailer, reported 44 per cent decline in its sales to $279 million compared to sales of $496 million in same period last year. Company incurred a net loss during the quarter that ended on May 2, 2020 of $134.7 million compared to net income of $6.3 million in Q1 FY20. #

“Despite the challenges we faced from the decision in mid-March to temporarily close all of our stores, we were able to stay actively engaged with existing and new customers as we successfully leveraged the multi-year investments we've made advancing our digital commerce capabilities,” Mimi Vaughn, Genesco president and chief executive officer, said in a press release. 

 

In its first quarter (Q1) FY21 update, Genesco Inc, a US-based specialty retailer, reported 44 per cent decline in its sales to $279 million compared to sales of $496 million in same period last year. Company incurred a net loss during the quarter that ended on May 2, 2020 of $134.7 million compared to net income of $6.3 million in Q1 FY20. #

“As the second quarter got underway, we began reopening our stores with the health and safety of our teams and customers as our top priority.”

 

In its first quarter (Q1) FY21 update, Genesco Inc, a US-based specialty retailer, reported 44 per cent decline in its sales to $279 million compared to sales of $496 million in same period last year. Company incurred a net loss during the quarter that ended on May 2, 2020 of $134.7 million compared to net income of $6.3 million in Q1 FY20. #

Gross margin for the company during the quarter fell to $120.1 million ($244.9 million). Selling and administrative expenses slipped to $189.0 million ($236.5 million).

 

In its first quarter (Q1) FY21 update, Genesco Inc, a US-based specialty retailer, reported 44 per cent decline in its sales to $279 million compared to sales of $496 million in same period last year. Company incurred a net loss during the quarter that ended on May 2, 2020 of $134.7 million compared to net income of $6.3 million in Q1 FY20. #

All the segments of Genesco registered decline in its first quarter sales: Journeys Group $168.9 million ($323.9 million), Schuh Group $47.1 million ($76.8 million) and Johnston & Murphy Group $38.8 million ($74.7 million). However, licensed brands grew to $24.2 million ($20.0 million). 

 

In its first quarter (Q1) FY21 update, Genesco Inc, a US-based specialty retailer, reported 44 per cent decline in its sales to $279 million compared to sales of $496 million in same period last year. Company incurred a net loss during the quarter that ended on May 2, 2020 of $134.7 million compared to net income of $6.3 million in Q1 FY20. #

“As the second quarter got underway, we began reopening our stores with the health and safety of our teams and customers as our top priority.  Today, approximately 1,000 stores are open and we are pleased with the initial results we've experienced thus far, especially at Journeys where sales in the stores that have reopened are comping nicely positive to last year's volumes for the same period,” Vaughn said.