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Details on Industry Insight.
Genesco Inc., the parent company of the 900-plus Journeys shoe chain, said back-to-school sales are off to a good start.
Comparable store sales at Journeys rose 7% in August, the company said in its second quarter earnings results. For the total company, comps in August rose 8%.
Journeys Group sales: up 2.9% to $153 million
Journeys comps: up 2%
Journeys operating loss: $4.5 million vs. $3.2 million
Total sales: up 9% to $364 million
Comp store sales: up 3%
Gross margins: 50.6% vs. 50.8%
Net loss: $2.4 million vs. a $2.7 million loss the same period last year. Both periods were impacted by special charges. Excluding the charges for both periods, the company had a Q2 net loss of $0.5 million vs. a net loss of $0.4 million last year.
The company expects comps in the second half to rise in the low single digits. It also reiterated its full year earnings guidance of $2.10 to $2.20 per share, excluding charges.