Genesco, a US-based specialty retailer of footwear and accessories, has reported a 42 per cent sales growth to $555.2 million in the second quarter (Q2) of FY22 ended on July 31, 2021, against the sales of $391.2 million in the corresponding period of prior fiscal. Moreover, the company’s sales also exceeded pre-pandemic levels by 14 per cent.

 

Genesco, a US-based specialty retailer of footwear and accessories, has reported a 42 per cent sales growth to $555.2 million in the second quarter (Q2) of FY22 ended on July 31, 2021, against the sales of $391.2 million in the corresponding period of prior fiscal. Moreover, the company's sales also exceeded pre-pandemic levels by 14 per cent.#

“We delivered outstanding second quarter results highlighted by record second quarter profitability for our footwear businesses that far exceeded our expectations. Following a very strong start to fiscal 2022, our top-line accelerated even further ahead of pre-pandemic levels fuelled by robust full-priced selling, as our merchandise offerings, exceptional service and differentiated shopping experiences continue to resonate strongly with consumers,” Mimi E Vaughn, Genesco board chair, president and chief executive officer, said in a press release.

 

Genesco, a US-based specialty retailer of footwear and accessories, has reported a 42 per cent sales growth to $555.2 million in the second quarter (Q2) of FY22 ended on July 31, 2021, against the sales of $391.2 million in the corresponding period of prior fiscal. Moreover, the company's sales also exceeded pre-pandemic levels by 14 per cent.#

Gross margin during the three-month period surged to $272.5 million (Q2 FY21: $167.0 million). The company's operating income improved to $12.9 million compared to loss of $22.0 million in second quarter of FY21 ended on August 1, 2020. Net earnings increased to $10.9 million over loss of $19.0 million in previous fiscal.

 

Genesco, a US-based specialty retailer of footwear and accessories, has reported a 42 per cent sales growth to $555.2 million in the second quarter (Q2) of FY22 ended on July 31, 2021, against the sales of $391.2 million in the corresponding period of prior fiscal. Moreover, the company's sales also exceeded pre-pandemic levels by 14 per cent.#

“Our exceptional year-to-date performance reinforces our confidence in the strategic course we have set for the company. Our footwear focused strategy is working and is delivering results,” Vaughn added. “Our opportunity to unlock value in Genesco is to further accelerate the digital and omnichannel potential in our retail business and to meaningfully grow our branded side. In addition, the pandemic has provided us the real opportunity to transform our business at a faster pace, as we deliver improved growth and operating margins.”

 

Genesco, a US-based specialty retailer of footwear and accessories, has reported a 42 per cent sales growth to $555.2 million in the second quarter (Q2) of FY22 ended on July 31, 2021, against the sales of $391.2 million in the corresponding period of prior fiscal. Moreover, the company's sales also exceeded pre-pandemic levels by 14 per cent.#

The American branded footwear retailer's sales from Journeys Group segment rose to $346.3 million ($276.6 million) during Q2, while Schuh Group sales escalated to $106.0 million ($71.7 million). Furthermore, Johnston & Murphy Group sales jumped to $61.1 million ($24.1 million).

 

Genesco, a US-based specialty retailer of footwear and accessories, has reported a 42 per cent sales growth to $555.2 million in the second quarter (Q2) of FY22 ended on July 31, 2021, against the sales of $391.2 million in the corresponding period of prior fiscal. Moreover, the company's sales also exceeded pre-pandemic levels by 14 per cent.#

“We were very pleased that the second quarter marked an acceleration in the sequential improvement of our operating results since the onset of the pandemic. With much stronger revenue, higher gross margins, and well managed expenses, operating income far surpassed last year's levels and the second quarter fiscal 2020 two years ago, delivering record second quarter adjusted EPS of $1.05 compared to $0.15 in fiscal 2020,” Thomas A George, Genesco interim chief financial officer, said in the release.