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Genesco announces Q2 results

24
Aug '05
Tennessee based branded footwear & accessories marketer Genesco reported net earnings of $6.8 million, or $0.27 per diluted share, for the second quarter ended July 30, 2005. This compares with net earnings of $4.8 million, or $0.20 per diluted share, for the second quarter last year. Net sales for the second quarter of fiscal 2006 increased 12 percent to $275 million compared to $246 million for the second quarter of fiscal 2005.

Genesco Chairman, President and Chief Executive Officer Hal N. Pennington, said, "They are very pleased to have exceeded expectations once again with a strong second quarter performance. Their results were driven by positive comps in all their retail divisions and by continued operating margin expansion."

Net sales at Journeys rose 12 percent to approximately $119 million, same store sales increased 6 percent and footwear unit comps were up 9 percent. Fashion athletic, Euro casuals, board sport shoes, and women's fashion footwear all performed well during the quarter. We are confident that Journeys is well positioned from a merchandising perspective for the fall and holiday selling seasons.

Hat World posted another solid quarter. Total sales increased 19 percent to $69 million and same store sales were up 4 percent, which was on top of a 16 percent comp increase a year ago. Hat World continued to experience strong gains in both core and fashion Major League Baseball, and branded performance headwear, and they are excited about the opportunities for the upcoming NFL season.


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