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Aug 01, 2020
Genesco Q2 2021 Earnings Report
Genesco reported a net sales decrease of 20% to $391 million, driven by store closures and a later start to back-to-school, but partially offset by 144% e-commerce growth. The company reported a GAAP loss from continuing operations per diluted share of ($1.33) and an adjusted loss per share of ($1.23).
Key Takeaways
Genesco Inc. reported a decrease in net sales by 20% to $391 million compared to the previous year, with a GAAP loss from continuing operations per diluted share of ($1.33) and an adjusted loss of ($1.23). E-commerce sales increased significantly, offsetting some of the losses from store closures. The company is operating in 96% of its locations.
Net sales decreased 20% year-over-year to $391 million due to store closures and a delayed back-to-school season.
E-commerce sales surged with a 144% increase, helping to mitigate the impact of reduced store volume.
The company generated $74 million in operating cash flow during the quarter.
Operating loss was $(22.0) million, compared to an operating income of $3.0 million in the same period last year.
Revenue by Segment
Forward Guidance
Due to the continued uncertainty in the overall economy driven by COVID-19, the Company is not providing guidance at this time.
Revenue & Expenses
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Avg. Return Before/After Earnings
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