A $79.3 million impairment charge contributed to GCO’s woes in the first quarter, helping send the bottom line deep into the red for a $134,777,000 loss against income of $6,346,000, on a 44% decline in sales to $279,232,000 from $495,651,000. Genesco did not provide brick-and-mortar comps for its banners, but noted that comparable direct sales surged 64% against last year’s 15% improvement. E-commerce was up triple digits in April, and has continued to accelerate with a more than 300% increase in May after the end of the quarter.

GCO began reopening stores in May, and now has about 1,000 doors open, ... Log in to view full article.