Rising costs sent net income down 38% in the third quarter to $20,376,000 from $32,895,000, as revenues grew by 1% to $603,788,000 from $600,546,000 with Journeys essentially flat but Johnston & Murphy growing double digits. Overall same store sales grew by 2%, lapping a 25% gain last year, and direct (e-commerce) sales increased 6%, accounting for about 18% of the total top line. GCO shares slipped 7% in early trading after the report.

Journeys sales inched up under 1% to $380.6 million, and comped up 1% over last year’s 15% improvement. After ... Log in to view full article.