All Schuh articles
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ArticleGenesco sees sales decline continuing as Journeys turnaround takes time
Genesco expects another decline in sales this year, after revenues in the year ended Feb. 3 fell by 2.5 percent to $2.3 billion, landing in the middle of its latest guidance of a 2-3 percent drop. The company expects total sales in the current financial year to fall by 2 ...
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ArticleGenesco targets rents, moving non-selling activities out of stores to cut costs, boost profits
Genesco is focusing on bringing down rent costs and moving non-selling activities outside of stores, as it implements a $40 million cost-cutting program aimed at boosting profitability. “We are continuing to focus on rent, which is our biggest operating expense line,” explained Tom George, the chief financial officer, during the ...
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ArticleGenesco slashes FY earnings guidance after disappointing Christmas period
Genesco slashed its full-year earnings guidance in the wake of weak Christmas sales. In the nine weeks to Dec. 30, which represent about two-thirds of the company’s fiscal fourth quarter, like-for-like sales decreased by 4 percent. Same-store sales decreased by 6 percent and comparable sales for the company’s e-commerce businesses ...
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ArticleSchuh shines for Genesco in Q2, but company retains ‘cautious’ FY view
Bolstered by warm weather and higher average selling prices (ASPs), the Schuh Group segment of Genesco reported a record quarterly operating income of $8.4 million against $2.1 million a year earlier. With approximately 40 percent of its business generated by the digital channel, Schuh reported 21 percent sales growth to ...
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ArticleGenesco to focus on cost-cutting this year
Citing a rapidly changing consumer environment, Genesco is making numerous changes to its business as it braces for a challenging first half ahead of an anticipated better second half of the year. The current full-year outlook calls for total sales of flat to up 2 percent and earnings per share ...
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ArticleGenesco lowers FY earnings guidance
Genesco trimmed its full-year earnings forecast in the wake of its sale performance in the first eight weeks of its fiscal fourth quarter. In the eight weeks ended Dec. 24, Genesco’s comparable sales, including both stores and direct sales, increased by 3 percent year-over-year. Same store sales decreased by 2 ...
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ArticleGenesco cuts guidance as Journeys disappoints, U.K. consumers face headwinds
Genesco cut its sales and earnings guidance for fiscal year 2023 after the Journeys business failed to meet expectations in the second quarter and as it also adopts a more conservative outlook in the U.K., where management noted that consumers are increasingly facing economic headwinds. Genesco is now forecasting full-year ...
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ArticleSchuh Group posts strong sales growth
In the fourth quarter ended Jan. 29, Schuh Group, an operating unit of the U.S.-based Genesco, posted an operating profit of $9.8 million against an operating loss of $3.6 million. Total sales at the 123-door, U.K.-based retailer rose nearly 33 percent to $129.0 million from $97.0 million as digital penetration ...
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News briefs
Schuh obtains £19 million refinancing
Schuh , the British footwear retailer owned by the U.S. firm Genesco , has obtained a £19 million (€20.9m-$25.5m) financing facility with Lloyds Bank . The funding is part of the U.K. Treasury’s Coronavirus Large Business Interruption Loan Scheme (CLBILS). Schuh already had a credit facility with Lloyds and ...
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ArticleGenesco sees back-to-school selling season prolonged, holiday season to start early
Genesco experienced a slowdown in its recovery in July because of an uptick in Covid-19 cases in the U.S. But it expects the back-to-school period to last until late September, or even later, and the holiday season, generally considered to run from late November to early January, to start ...
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ArticleEnglish retailers reopen in a climate of caution
Non-essential stores reopened in England on June 15 amid concern that consumers will be absent, as a majority of people, 54 percent, remain opposed to the reopening. They are particularly reluctant to returning to shopping centers.
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News briefs
Schuh Trust makes Covid-19 donations
The British Schuh Trust is donating £2 million (€2.3m-$2.5m) to the National Emergencies Trust and £1 million (€1.1m-$1.2m) to the NHS Charities Together Covid-19 Appeal . In total this is about a 12-fold increase from the trust’s average yearly charitable donations since 2011, when it was founded by ...
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News briefs
Schuh restarts e-commerce business
The Scottish footwear retailer Schuh has reopened its e-commerce platform, which new health and safety standards in the U.K. had temporarily closed because of the Covid-19 pandemic. The site will now operate with a maximum staff of 10, two-meter spacing between workers and site sanitization. According to the company, ...
