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Article Date: May 2022
Word Count: 421

Genesco Affirms Annual Guidance as Q1 Net Falls


Net income declined 44% to $4,947,000 from $8,878,000 for the first quarter ended Apr. 30, on 3% lower sales of $520,748,000 down from $538,695,999 as the top line fell 16% at Journeys to $314.4 million on a difficult year-over-year comparison and supply chain disruptions. The banner’s uneven quarter, largely related to inventory flow, had its strongest month in April with that momentum carrying into May. Journeys continues to see its fashion-forward customers shifting away from fashion athletic styles to more casual offerings. Versus the pre-pandemic period three years ago in 2019, Q1 revenues were 5% higher and adjusted operating income ... Log in to view full article.

 


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