Genesco, Inc.

Genesco is expanding its reach geographically and generationally with its latest acquisition.

The company has entered into an agreement with the Aldo Group Inc. to acquire the 37-store Little Burgundy retail footwear chain in Canada.

Nashville, Tenn. – Despite a late back to school season, Genesco Inc.’s profit and revenue beat the Street in the second quarter, helped by the strong performance of its Lids headgear division.

Genesco reported net earnings of $7.52 million, up 60% from $4.69 million the same period a year earlier and beyond Wall Street predictions. Improve pretax earnings, combined with lower income tax expense, perked up profit at Genesco Inc.

Net sales rose 6% to $655.52 million, from $615.47 million.

The CEO of Genesco Inc. says the company had strong sales despite the later start to the back-to-school season and some pressures to right-size inventories.

Woodland Hills, Calif. – A good politician knows to focus locally, and increasingly retailers are following that lead. In that spirit BrightStreet Ventures, the technology affiliate of shopping center developer NewMark Merrill Companies, has launched BlueList, a real-time mobile offers service for local merchants and nearby consumers.

Chicago -- Specialty retailer Lids has selected ShopperTrak to measure in-store traffic and provide customer behavior insights for Lids and Locker Room by Lids stores.

Nashville, Tenn. – Genesco Inc. reported profit beneath Wall Street expectations in the first quarter of fiscal 2016, with planned inventory reductions and e-commerce-related expenses hindering growth. The retailer reported net earnings of $9.88 million, a 29% decrease from $13.97 million the same period the previous year.

Net sales rose 5% to $661 million from $629 million. Same-store sales grew 4%. Genesco said that West Coast port-related delivery delays impeded same-store sales growth.

Nashville, Tenn. – A variety of pretax items, including network intrusion expenses and a lease termination, helped limit fourth quarter net earnings growth at Genesco Inc. to a level below company expectations. However, net income still rose 19% to $50.4 million from $42.15 million the same quarter in the previous fiscal year.

Net sales increased 13% to $893 million from $793 million. Same-store sales increased 10%.

Genesco Inc. cited construction expenses and currency pressures as reasons for the company’s weaker-than-expected fourth quarter earnings. 

The company posted earnings from continuing operations of $51.8 million, or $2.18 per diluted share, for the quarter ended Jan. 31. The numbers are an improvement from the year-ago period, which saw earnings from continuing operations of $42.2 million or $1.79 per diluted share.