Footwear retailer Genesco post Q1 profits raise $8.2mn
27 May '05
5 min read
"once again, hat world performed well during the quarter. total sales increased to $62 million and same store sales increased 7%, against a 23% comp gain for the same period last year. these strong results and our continued success with multiple stores within malls, street locations and tourist destinations increase our confidence in hat world's expansion potential. hat world's operating margins and aggressive growth plans give it the potential to make a significant contribution to our long-term sales and earnings growth objectives.
"total sales for the underground station group were up 13% to approximately $40 million during the quarter, comparable store sales rose 9% and operating margin increased 120 basis points to 5.8% due to improved gross margin and increased expense leverage. same store sales for the underground station stores increased 11%, driven by continued increases in average selling prices and a 6% gain in footwear unit comps.
they believe the early success of our new underground station store in brooklyn, new york, which shares a location with a lids store, demonstrates the potential for dual concept stores to contribute to genesco's retail growth. our momentum remains positive and we are committed to fully capitalizing on underground station's unique position in the marketplace.
"johnston & murphy registered another strong quarter as total sales grew to roughly $42 million, same store sales rose 3% and wholesale sales incn underground station's unique position in the marketplace.