Jan 13, 2009
Shoe seller Genesco sees weak same-store sales in Q4
Jan 13, 2009
Jan 13 (Reuters) - Genesco Inc (GCO.N) forecast bleak same-store sales for the fourth quarter due to deteriorating retail trends across all its segments, including its Underground Station stores and Johnston & Murphy stores.
The shoe and hat retailer, whose other brands include Journeys and Hatworld, expects same-store sales for the November-January quarter to be at the lower end of its prior outlook of a decline of 1 percent to 4 percent.
Many apparel and shoe companies have been seeing sluggish sales at their stores as U.S. consumers, squeezed by the worst economic crisis since the Great Depression, curb spending on non-essentials.
Nashville-based Genesco, which sells footwear, headwear and accessories in more than 2,225 retail stores in the United States and Canada, said same-store sales were down 4 percent for the quarter-to-date period ended Jan. 10.
While same-store sales at its Underground Station stores fell 12 percent for the period, comparable-store sales at its Johnston & Murphy Group stores declined 16 percent. (Reporting by Dhanya Skariachan in Bangalore; Editing by Vinu Pilakkott)
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