Thu, Sep 12, 2:55 PM (100 days ago)
For the second quarter ended August 3, 2024, Genesco Inc. reported net sales of $525.2 million, a slight increase of 0.4% from $523.0 million in the prior year. The growth was partially attributed to a calendar shift benefiting back-to-school sales and an 8% rise in e-commerce sales, though comparable store sales declined by 4%. Gross margin decreased to 46.8%, influenced by a higher mix of sale products and changes in product assortment. Selling and administrative expenses fell 1.7% to $255.1 million, reflecting cost-saving measures and store closures, improving the operating loss to $10.3 million from $38.6 million. The net loss narrowed to $10.0 million, or $0.91 per share, compared to a loss of $31.7 million, or $2.79 per share, a year earlier. Cash flow from operations improved significantly, with a net cash outflow of $6.0 million compared to $25.1 million in the same period last year. Overall, while challenges remain in consumer spending and store performance, the company is focusing on operational efficiencies and e-commerce growth to stabilize its financial health.