Schuh chain deliver sales rise for owner Genesco

By PERRY GOURLEY
Published on 09/03/2013 00:00

SCHUH, the Scottish shoe chain, is continuing to be a strong performer for US owner Genesco.

Latest figures from the American footwear giant, which paid £100 million up front to buy the Livingston-based company in 2011, show Schuh delivered a 7 per cent rise in like-for-like sales in the final quarter of the financial year.

The rise compared with a 1 per cent fall at Genesco’s Journeys arm and a 10 per cent decrease at its Lids Sports Group brand.

Total net sales for the quarter increased 10 per cent to $797m (£529m) from $723m, although Genesco said half the increase was due to the quarter having an extra week.

Under the Schuh purchase deal, a bonus of up to £25m is payable to certain members of the management team in 2015. Schuh’s continuing progress has led Genesco to pencil in 17 store openings this year out of 116 across the group.