Genesco’s prolonged back-to-school season trips footwear imports

Cons. Discr. - Apparel 352 Cons. Discr. - Retailing 286 Coronavirus 372 Earnings 453 Quote Watch 226 U.S. 4455

The apparel sector may be lagging the broader recovery in consumer discretionary imports with U.S. seaborne shipments which fell by 13.2% year over year in August. Reduced spending on school and work clothes in the wake of COVID-19 has likely been a major factor in retailers’ decisions to trim shipments, with footwear down by 22.8% year over year in August after a 30.3% slide in July. Genesco, owner of the Journeys and Schuh chains, has stated that the back-to-school “selling season will be prolonged” into September while the firm’s older customers have “fewer reasons to buy” according t...

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