Q1 income up $5.8m at Genesco

24/05/2012

Nashville-based footwear retailer Genesco has recorded a 25% sales increase during the first quarter. Sales totalled $600.1 million, beating forecasts of $577.1 million.

First-quarter net income rose to $20.8 million from $15 million during the corresponding period last year.

The company has attributed the positive results to the acquisition of Schuh Group last year and the strong performance of its Journeys brand.

Schuh Group contributed around 12% percent to the company’s total sales, while sales at its Journeys brand grew 12% to $263.8 million.