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Genesco releases Q1 2008 results

May '08
Genesco Inc reported earnings from continuing operations of $129.9 million, or $5.14 per diluted share, for the first quarter ended May 3, 2008, compared to $2.2 million, or $0.10 per diluted share, for the quarter ended May 5, 2007.

Earnings for the first quarter this fiscal year include a pretax gain of $204.1 million, or $4.84 per diluted share, from the settlement of the merger-related litigation with The Finish Line Inc and UBS Securities, partially offset by expenses related to the litigation, the settlement of unrelated litigation, and store closings and fixed asset impairments totaling $9.5 million, or $0.23 per diluted share. Earnings from continuing operations for the first quarter of last fiscal year reflected charges of $6.6 million, or $0.15 per diluted share, primarily consisting of asset impairments in underperforming urban stores.

Earnings per diluted share for the first quarter of this fiscal year also reflected the repurchase by the Company of 4 million shares of common stock during the quarter at an aggregate cost of $91 million, pursuant to a previously announced stock repurchase program of up to $100 million.

The Company's effective tax rate for the first quarter of this fiscal year was reduced by the impact of higher income and by the deduction of prior period merger-related expenses that became deductible upon termination of the Finish Line merger, improving earnings per diluted share by an estimated $0.36 for the quarter.

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