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Schuh Group acquisition cuts into Genesco Q2 earnings
Nashville, Tenn. – Deferred expenses related to its 2011 purchase of Scotland-based Schuh Group, as well as a change in accounting for bonus for awards, reduced net income at Genesco Inc. to $4.8 million in the second quarter of fiscal 2015, down 43% from the same quarter the previous year.
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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%.