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Genesco Reduces Earnings Forecast

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Genesco Inc., owners of Journeys, Lids, Johnston & Murphy and the UK-based retailer, Schuh, announced Monday that it has lowered its earnings forecast for the fiscal year ending Jan. 30, 2016.

The company reduced its previous stated projection of $4.50 to $4.60 per share profit to $4.30 to $4.40 due to Lids’ year-long inventory reduction program in the fourth quarter and challenges in the Schuh business.

Comparable sales, including both stores and direct sales, increased 5 percent during the quarter-to-date period ended Jan. 2, 2016. Same store sales were up 3 percent. Meanwhile, the company’s e-commerce sales and catalog direct sales jumped 20 percent on a comparable basis for that period.

Journeys’ sales grew 7 percent in part to successful holiday sales. Johnston & Murphy sales increased 6 percent, followed by Lids with 7 percent. Schuh Group reported a 2 percent loss.

Genesco Chairman, President and CEO Robert Dennis said the company is “pleased” with performance of its North American businesses during what he described as “a generally difficult holiday selling season.”

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