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Genesco net earnings slip in Q1
Nashville, Tenn. – Genesco Inc. reported net earnings of $13.97 million in the first quarter of fiscal 2015, down 3% from $14.41 million in the same quarter of the prior fiscal year. A jump in selling and administrative expenses drove the net earnings decline.
Meanwhile, net sales rose 6% to $629 million, from $591 million. Same-store sales grew 1%. Genesco expects a low-single-digit same-store sales increase for the full fiscal year.
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Restructuring charges dampen Ann Inc. earnings
New York - A pre-tax restructuring charge of $17.3 million during first quarter 2014 in connection with its previously announced strategic realignment was a major factor in a year-over-year net income decline at Ann Inc. Net income for the quarter totaled $5.2 million, down 66% from $15.4 million in the first quarter of the previous fiscal year.
Total net sales for the first quarter of fiscal 2014 were $590.6 million, up 3% increase from sales of $574.5 million in the year-ago period. Total same-store sales dropped 1.8%.