Home / Knowledge / News / Fashion / Genesco CEO pleased with performance of Journeys & Hat World

Genesco CEO pleased with performance of Journeys & Hat World

Nov '08
Genesco Inc. announced that it currently expects to report net sales of approximately $390 million for the third quarter ended November 2, 2008, compared to $372 million for the same period last year, or an increase of 5%.

The Company said that it estimates that total same store sales for the third quarter increased 2%, with the Journeys Group up 5%, Hat World Group up 2%, Underground Station Group up 1% and Johnston & Murphy Group down 15%. The Company now expects to report earnings per diluted share of $0.41 to $0.43 for the third quarter compared to $0.23 for the corresponding period a year ago.

Third quarter earnings per diluted share are expected to reflect restructuring charges of approximately $2.3 million pretax, which included fixed asset impairments and store closing costs, and $0.2 million pretax of merger-related expenses, offset by a favorable FIN 48 tax adjustment of $1.2 million.

Adjusting for these items, earnings from continuing operations would have been $9.0 million to $9.5 million or $0.41 to $0.43 per diluted share in the third quarter. Last year's results included $6.2 million pretax, or approximately $0.16 per diluted share, primarily of litigation and other expenses related to the Company's proposed merger and retail store impairment charges.

Adjusting for such items, earnings from continuing operations would have been $10.0 million, or approximately $0.39 per share, in the third quarter last year. The presentation of results excluding these restructuring charges, the favorable tax adjustment and merger-related expenses is consistent with earlier quarterly disclosures and the Company's previously announced earnings expectations for the year.

The Company believes that the provision of annual earnings guidance and the disclosure of earnings before discontinued operations for the current fiscal year and the presentation of comparable measures from the year-earlier period is useful to investors, particularly because of the magnitude of a gain from a settlement of merger-related litigation during the second quarter of the current year, the income tax effects of the settlement, merger-related expenses in both years and other items that distort the period-to-period comparisons.

The Company also stated that it expects inventories to be down approximately 4% for the quarter.

Genesco President and Chief Executive Officer Robert J. Dennis said, "We were pleased with the performance of both the Journeys Group and Hat World Group during the quarter, particularly given the extremely challenging retail environment and the solid results underscore their strong competitive positions in the marketplace.

And while Underground Station missed its sales targets, stronger than expected gross margins allowed it to essentially meet its profit expectations. The biggest shortfall was at Johnston & Murphy, as the difficult macroeconomic environment, especially for retailersat the better end, negatively impacted its results for the quarter."

Interviews View All

Kaizad Hansotia, GetNatty

Kaizad Hansotia

Competition is the best thing that can happen to a startup

Siddharth Biyani, Mangalam Industries Pvt Ltd

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Top executives, Textile industry

Top executives
Textile industry

Textile institutes need to change their curriculum

Pratik Agarwal,

Pratik Agarwal

Breya is a brand of Indo-Western clothes for women owned by ABP Apparels...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Luciano Sardini,

Luciano Sardini

A consolidated reality in Italy and internationally, IMA Spa is well-known ...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

October 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Follow us on instagram


Follow Fibre2Fashion On

Advanced Search