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Article Date: May 2023
Word Count: 451

Journeys Weakness Pulls Genesco Down in Q1

Falling sales and margins at the mall-based footwear chain sent GCO $18,890,000 into the red against a profit of $4,947,000 last year, as revenues slipped 7% to $483,332,000 from $520,748,000. After the worse than expected results, full-year revenue guidance was slashed to a 4% to 5% decline from flat to up 2% prior, including a low double-digit sales decline at Journeys. Net income from continuing operations is now expected to be $22.7 to $29.0 million, well below last year’s $71.9 million bottom line. Now, the plan is to shutter 107 underperforming ... Log in to view full article.


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