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Genesco earnings rise

27/05/2016
US footwear group Genesco reported net earnings of $10.4 million in the first quarter of the 2017 fiscal year, compared to $9.9 million in the same period last year.

Net sales for the quarter dropped 2% from $661 million to $649 million. This was principally as a result of the divestiture of the Lids Team Sports business in January 2016. Consolidated comparable sales increased 1%.

"We are pleased with the increase in first quarter profitability, which exceeded our expectations, driven by a significantly better performance from the Lids Sports Group," said Genesco CEO Robert Dennis.

"While overall comparable sales were at the lower end of our projected range, this was more than offset by a meaningful improvement in gross margin,” he added.

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