Genesco narrows loss in Q2

Nashville, Tenn. Shoe retailer Genesco reported Thursday a second-quarter loss of $2.7 million, compared with a loss of $5.4 million a year ago.

The narrowed losses are attributed partly to charges impacting the prior-year results, including merger-related expenses, asset impairment and lease terminations.

Net sales for the second quarter were $335 million compared with $353 million a year ago. Comp-store sales declined 8%. By group, Journeys Group comp-store sales decreased by 9%, Hat World Group decreased by 2%, Underground Station decreased by 19%, and Johnston & Murphy Retail decreased by 16%.

Robert J. Dennis, president and CEO of Genesco, said, "We were pleased with our bottomline performance for the quarter, even though sales remained choppy. August is off to a better start, with comparable sales through Aug. 24 down by only 4%, despite a slightly delayed back to school in key regions related to a later than usual Labor Day.”