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Genesco releases Q1 2008 results
29 May '08
3 min read
The Company's previously announced earnings expectations for the first quarter and full 2009 fiscal year did not reflect any of the items referred to in the previous paragraph. The Company believes that disclosure of earnings and earnings per share from continuing operations on a pro forma basis adjusted for the items not reflected in the previously announced expectations will be meaningful to investors, in light of the significance of the litigation settlement gain and other items described in the previous paragraph.
After making such adjustments, including the effects of the 4 million shares repurchased during the quarter, the Company's adjusted earnings from continuing operations were $3.4 million for the first quarter of this fiscal year, and adjusted earnings per share from continuing operations were $0.14.
A reconciliation of these pro forma earnings and earnings per share calculations to their corresponding measures calculated in accordance with U.S. Generally Accepted Accounting Principles is included as Schedule B to this release.
Net sales for the first quarter of fiscal 2009 increased by 7% to $357 million, compared to net sales for the first quarter of the previous year of $335 million. Comparable store sales for the Company increased 2%.
Genesco Chairman and Chief Executive Officer Hal N. Pennington said, "Our first quarter performance, which exceeded expectations, represents a solid start to the new fiscal year.
We believe our business strategies are working in this difficult retail environment, as reflected in better than expected results at Journeys, Hat World and Underground Station. We believe that we are well positioned for the summer and back to school seasons.
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After making such adjustments, including the effects of the 4 million shares repurchased during the quarter, the Company's adjusted earnings from continuing operations were $3.4 million for the first quarter of this fiscal year, and adjusted earnings per share from continuing operations were $0.14.
A reconciliation of these pro forma earnings and earnings per share calculations to their corresponding measures calculated in accordance with U.S. Generally Accepted Accounting Principles is included as Schedule B to this release.
Net sales for the first quarter of fiscal 2009 increased by 7% to $357 million, compared to net sales for the first quarter of the previous year of $335 million. Comparable store sales for the Company increased 2%.
Genesco Chairman and Chief Executive Officer Hal N. Pennington said, "Our first quarter performance, which exceeded expectations, represents a solid start to the new fiscal year.
We believe our business strategies are working in this difficult retail environment, as reflected in better than expected results at Journeys, Hat World and Underground Station. We believe that we are well positioned for the summer and back to school seasons.
Click here to view more:
Genesco Inc
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