American footwear, apparel and accessories retailer Genesco has unveiled its fourth quarter results. The company has noted a 4.4 per cent surge in sales to US $ 932 million in the reporting period. Net sales for the full year ended in January 2016 increased by 5.7 per cent to US $ 3 billion.
Consolidated fourth quarter comparable sales, including same store sales and comparable e-commerce and catalogue sales, zoomed 4 per cent, with a 5 per cent surge in Journeys Group; 3 per cent increase in Lids Sports Group; 2 per cent plunge in Schuh Group; and 6 per cent rise in Johnston & Murphy Group. Comparable sales for Genescoreflected a 2 per cent increase in same store sales and a 21 per cent increase in e-commerce sales. Net earnings for the fourth quarter totalled US $ 46.4 million US dollars, down (-) 7.9 per cent, with the overall 2015 earnings reaching US $ 96.3 million, marking a drop of (-) 1.4 per cent compare to last year.
Also Read – Nike posts 20% surge in Net Income
Commenting on the results, Robert J. Dennis, Chairman, President and Chief Executive Officer of Genesco said, “Fourth quarter earnings came in just below our guidance range as a result of gross margin pressure related to our decision to make a final, aggressive push to complete our year-long program to right-size inventory in the Lids Sports Group and similarly aggressive efforts to clear inventory after a slow Holiday selling season at Schuh. While we are disappointed with our overall results, we are encouraged by the strong performance of Journeys and Johnston & Murphy and the work we’ve done to prepare the company for sustained, profitable growth going forward.”