August 31, 2017
Net income fell 9% to $48,711,000 from $53,625,000 for the second quarter ended Jul. 30 on a 13% improvement in sales to $581,054,000 from $514,520,000 as $5.4 million in pre-tax restructuring costs from downsizing Ivivva hit the bottom line along with heavy investment in revamping the e-commerce site.
Genesco’s net loss was $3,948,000 in the second quarter ended Jul. 29 against income of $14,578,000 last year, as sales slipped 1% lower to $616,506,000 from $625,557,000 with the ongoing recovery at Journeys more than offset by struggling Lids.
The second round of the previously announced elimination of 1,400 jobs was underway this week after the initial round in June.