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Genesco posts higher profit in Q4

02 Mar '06

3 min read

Shoe and hat retailer Genesco Inc has reported earnings before discontinued operations of $31.2 million for the fourth quarter ended January 28th 2006.

Earnings before discontinued operations were $25.4 million for the fourth quarter ended January 29th 2005. Net sales for the fourth quarter of fiscal 2006 increased 15 percent to $406 million compared to $353 million for the fourth quarter of fiscal 2005.

For the fiscal year ended January 28th 2006, the company reported earnings before discontinued operations of $62.6 million. Earnings before discontinued operations were $48.5 million in fiscal 2005. Net sales for fiscal 2006 increased 15 percent to $1.28 billion compared to $1.11 billion for fiscal 2005.

Genesco Chairman, President and CEO Hal Pennington, said, "A strong fourth quarter concluded another strong year for Genesco. During the year we successfully executed our strategic plan, enhancing our leadership position in the market by opening 155 net new stores, expanding our mall and non-mall presence, and launching a test of a promising new retail concept. At the same time, we increased sales by 15 percent, expanded margins and generated double digit bottom line growth. These results reflect the talent and dedication of the entire Genesco organization.

"Net sales at Journeys increased 17.5 percent to approx. $193 million in the fourth quarter, same store sales rose more than 10 percent and footwear unit comps increased 12 percent. Fashion athletic, fusion, board sport and women's fashion and casual footwear all performed well in the quarter.

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