Genesco, the footwear firm behind Journeys, Johnson & Murphy, and more has released strong third quarter financial results for Fiscal 2022. The company noted a net sales increase of 25% year-over-year, along with a jump in same store sales – both exceeding their initial expectations for the quarter. Third Quarter Fiscal 2022 Financial Summary:
- Net sales increased 25% from last year to $601 million
- Net sales increased 12% over the third quarter two years ago
- GAAP and Non-GAAP operating income both increased 69% over third quarter two years ago
- Same store sales increased 25% over last year, store sales above pre-pandemic levels
The return to in-store shopping and the back-to-school season has made a significant and positive impact on the brand’s overall performance in Q3.
“Building off a very strong first half of Fiscal 2022, our excellent results this quarter were fueled by an outstanding back-to-school season in the United States and United Kingdom, reinforcing Journeys’ and Schuh’s positions as the leading destinations for teen and youth fashion footwear. We were especially pleased with the performance of our stores, as sales in our current fleet were up for the first time since prior to the pandemic,” Mimi E. Vaughn, Genesco President and Chief Executive Officer.
Source: Genesco Press Release
Photo Credit: Journeys
