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Guess optimistic about online business
Soft traffic and promotional activity have continued to put Guess’ North American stores under pressure, but the retailer said it is encouraged by its North American online business, which soared 50% in the second quarter.
The company reported net earnings of $22 million, a 50.5% decrease compared to adjusted net earnings of $44.3 million for the year ago period, which prompted the retailer to cut its fiscal year outlook.
Sales for the quarter decreased 4.8% to $608.6 million, from $639 million a year ago. Same-store sales decreased 5.4%.
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Genesco has ‘disappointing’ second quarter
Solid comparable sales gains and a strong topline performance in Genesco’s direct businesses were not enough to offset a sales and gross margin shortfall versus plan at the company’s Lids Sports Group, prompting the company to lower its guidance for the full fiscal year.
The company reported earnings from continuing operations for the second quarter ended Aug. 2 of $4.8 million, or $0.20 per diluted share, compared to earnings from continuing operations of $8.5 million, or $0.36 per diluted share, for the second quarter ended August 3, 2013.