Genesco Inc. Reports Net Loss of $18.9 Million in First Quarter
Company's Revenue Declines to $483.3 Million in Q1
Genesco Inc. (GCO) and Subsidiaries, a leading retailer of branded footwear and accessories, announced its financial results for the first quarter ended April 29, 2023. The company reported a net loss of $18.9 million for the quarter, along with a decline in revenue to $483.3 million. Despite facing challenges in the retail industry, Genesco remains focused on its strategic initiatives to drive long-term growth.
Net Loss of $18.9 Million Highlights Challenging First Quarter
Genesco Inc. and Subsidiaries faced a challenging first quarter as the company reported a net loss of $18.9 million. This represents a significant decline compared to the net earnings of $4.9 million reported in the same period last year. The net loss can be attributed to various factors, including increased selling and administrative expenses and asset impairments. Genesco's management is actively working to address these issues and improve the company's financial performance.
