Genesco completes shift from manufacturer to marketer
US footwear an accessories company Genesco has said it will close its last manufacturing plant in Nashville and make other changes that will create annual savings of $2.7 million. Chairman Ben Harris said: ""This move will complete a decade of work to transform Genesco from what had been thought of as a manufacturing company into a lifestyle-focused footwear marketer."
Genesco sells footwear and accessories in more than 875 retail stores in the US, principally under the names Journeys, Journeys Kidz, Johnston & Murphy, Jarman and Underground Station. The company said it expected sales for the quarter to stand at between $220 million and $227 million, and between $744 million and $751 million for the full fiscal year. Earnings per share are forecast at between $0.55 and $0.60 for the quarter and between $1.47 and $1.52 for the year.
