Genesco Q2 revenue up 29%
US footwear retail group Genesco has announced that its fiscal 2012 second-quarter revenue spiked 29% driven by growth from Lids and Journey’s stores, prompting the company to raise its outlook.
The retailer also said it narrowed its loss to $392,000, which compares to $3.2 million a year ago. Comparable store sales, a key measure to gauge a retailer’s health, grew 14%.
“The Back-to-School season has been very good for us through August with comparable store sales up 12%,” said CEO Robert Dennis in a statement. “While we expect this trend to moderate as we proceed through the third quarter, this is an encouraging start to the second half of the year.”
For the three months ended July 31, net sales jumped 29% to $471 million up from $364 million in the same quarter a year ago.
Genesco said revenue from footwear brand Journeys Group grew 15% to $177.2 million.
Sales from the Johnston & Murphy Group, which sells footwear, apparel and accessories, rose 17% to $45.5 million.
At the end of June, Genesco acquired UK-based fashion footwear retailer Schuh Group for £100 million ($161.9 million) to boost its presence internationally. Genesco recorded $33.9 million in sales from Schuh in the second-quarter.
