Genesco earnings plummet in second quarter
The Nashville-based footwear retailer Genesco Inc. has posted net earnings of $4.0 million for the second quarter ended August 3, 2002. This compares with $6.2 million, the year before. Net sales were up 5% to $175 million.
Same store sales at the company’s Journeys division fell 3% to $91.7 million while those of its Jarman and Underground Station stores rose to 20% and 19% respectively. Dockers Footwear's sales slumped $4.5 million to $13.4 million - the main reason being a combination of a higher proportion of new product hitting the shelves the year before and lower than expected reorders from a major account as it transitioned to new autumn offerings.
Described by the company's President and Chief Executive Officer Hal N. Pennington as 'work in progress', the group's wholesale division of Johnson and Murphy posted income of $39.2 million on the back of a 2% drop in same store sales.
"As we move forward, comparisons get easier and, with the backlog of unfilled orders up compared to last year, we are enthusiastic about our prospects in the back half of the year," commented Pennington.
