Genesco Inc's Q3 Comps Down 4% YoY, with Stores Down 7% YoY and Direct Up 8% YoY
Portfolio Pulse from Benzinga Newsdesk
Genesco Inc reported a 4% year-over-year decrease in Q3 comparable sales, with physical store sales down 7% and direct sales up 8% compared to the same period last year.

December 01, 2023 | 11:58 am
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Genesco Inc's Q3 report shows a decline in comparable store sales by 4% YoY and a 7% decrease in physical store sales, partially offset by an 8% increase in direct sales.
The reported decrease in comparable store sales and a significant drop in physical store sales are likely to be viewed negatively by investors, indicating potential challenges in the retail sector for Genesco. However, the growth in direct sales suggests a shift in consumer behavior towards online shopping, which may provide some cushion. The mixed results could lead to short-term negative sentiment, but the increase in direct sales shows adaptability, which might mitigate the impact over time.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100