Solid comparable sales gains and a strong topline performance in Genesco’s direct businesses were not enough to offset a sales and gross margin shortfall versus plan at the company’s Lids Sports Group, prompting the company to lower its guidance for the full fiscal year.
Genesco chairman, president and CEO Robert J. Dennis said that the company’s overall fourth-quarter results were lower than expected, thanks to inconsistent sales patterns and severe winter storms that affected its key markets.
Genesco, the company behind Lids and Journeys, is the latest company to express concern about the holiday season and lower fourth-quarter expectations after producing a solid third-quarter performance.
Genesco Inc., a specialty retailer which sells footwear, headwear, sports apparel and accessories, continues navigating through uncertain consumer environments as second quarter results fell short of expectations.
Locker Room by LIDS is the name of a new licensed team merchandise department that will appear in 200 Macy’s stores and Macys.com beginning this fall which could help the nation’s largest department store operator become more relevant to sports fans.
Genesco, a specialty footwear and apparel retailer operating numerous brick-and-mortar and online retail brands including Journeys and Lids.com, reported declines in earnings and net sales for the first quarter of fiscal 2014.