Record third quarter for Schuh but US retail stalls
06/12/2023
Group sales were dragged down by a decrease of 8% at Journeys and a 22% or $8 million decrease at Genesco Brands, partially offset by an increase of 13% at Schuh and an increase of 2% at Johnston & Murphy.
On a constant currency basis, Schuh had record third-quarter sales, which were up 5%.
Genesco CEO Mimi Vaughn said: “Following a good Back-to-School season, demand in October softened in an ongoing challenging operating environment, along with a delayed start to the fall selling season.
“Despite headwinds, we were pleased to see sales trends within our Journeys business continue to sequentially improve, and Schuh and Johnston & Murphy deliver record third-quarter sales.
“In the meantime, we continued to inject Journeys’ product assortment with more of the newness and must-have items our customer desires, while also executing on our cost reduction and store closure plans.”
Geneso’s brands are Journeys, Journeys’ Kidz, Schuh, Little Burgundy, Johnson & Murphy. It also designs and sells footwear under exclusive licenses with partners such as Levi’s shoes for men, women and kids, Levi’s slippers, Dockers, Bass, Starter, Etonic (Lifestyle), FUBU and Phat Farm.
Image credit: Schuh
Share this story:
