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.