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Genesco posts higher profit in Q4
02 Mar '06
3 min read
"Hat World registered another strong quarter, with total sales up 21 percent to $98 million. Same store sales rose 6 percent, matching a 6 percent gain in the same period last year that was driven in part by strong demand for Boston Red Sox products associated with the team's 2005 World Series victory. The Major League Baseball and NFL categories continued to perform well in the fourth quarter of fiscal 2006. We continue to roll out embroidery machines, which represent an attractive add-on business in the larger stores.
"Net sales for the Underground Station Group, which includes Jarman, increased 7 percent to $54 million and comparable store sales rose 4 percent in the fourth quarter. Underground Station posted a solid 6 percent comparable store gain, primarily driven by increased average selling prices.
"Johnston & Murphy continued to deliver improved results during the fourth quarter, with net sales increasing 9 percent to $49 million and same store sales up 9 percent.
"Fourth quarter sales of Licensed Brands were $14 million, essentially flat with a year ago and in line with our projections. Early indications of stronger demand for Dockers Footwear's spring product make us optimistic about the opportunities for improvements in the business in the upcoming year."
Genesco also reaffirmed its fiscal 2007 guidance. It now expects sales of approx. $1.46 billion for the year and diluted earnings per share to be approx. $2.62.
Genesco Inc, a Nashville-based specialty retailer, sells footwear, headwear and accessories in more than 1,750 retail stores in the United States and Canada, principally under the names Journeys, Journeys Kidz, Johnston & Murphy, Underground Station, Hat World, Lids, Hat Zone, Cap Factory, Head Quarters and Cap Connection.
"Net sales for the Underground Station Group, which includes Jarman, increased 7 percent to $54 million and comparable store sales rose 4 percent in the fourth quarter. Underground Station posted a solid 6 percent comparable store gain, primarily driven by increased average selling prices.
"Johnston & Murphy continued to deliver improved results during the fourth quarter, with net sales increasing 9 percent to $49 million and same store sales up 9 percent.
"Fourth quarter sales of Licensed Brands were $14 million, essentially flat with a year ago and in line with our projections. Early indications of stronger demand for Dockers Footwear's spring product make us optimistic about the opportunities for improvements in the business in the upcoming year."
Genesco also reaffirmed its fiscal 2007 guidance. It now expects sales of approx. $1.46 billion for the year and diluted earnings per share to be approx. $2.62.
Genesco Inc, a Nashville-based specialty retailer, sells footwear, headwear and accessories in more than 1,750 retail stores in the United States and Canada, principally under the names Journeys, Journeys Kidz, Johnston & Murphy, Underground Station, Hat World, Lids, Hat Zone, Cap Factory, Head Quarters and Cap Connection.
Genesco Inc
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