Genesco’s losses continue in first-quarter results

The company noted that the sales decline was due to a decline in store sales, a decline in wholesale sales and the net impact of store closures. This was offset by a 3% increase in e-commerce comparable sales and a favorable impact from foreign exchange rates.

In the first quarter, comparable sales (in-store and e-commerce) for the Journeys Group fell 5% year-on-year, while the Schuh Group fell 7% and the Johnston & Murphy Group fell 3%.

Genesco reported an operating loss for the period of $32.13 million, down 40% year over year, with a net loss of $24.35 million, down 29%.

Looking forward to the full fiscal year 2025, the company expects sales to decline 2-3% year-over-year.

President and CEO Mimi E. Vaughn said, “Despite continued challenges in the operating environment, we have executed our strategic plan to deliver financial performance and earnings that exceed our expectations through our Journeys business.”