Genesco Inc reported earnings before discontinued operations of $35.7 million, or $1.36 per diluted share, for the 14-week fourth quarter ended February 3, 2007, compared to $31.2 million, or $1.15 per diluted share, for the 13-week fourth quarter ended January 28, 2006.
Earnings before discontinued operations for the fourth quarter of this year reflected SFAS 123R share-based compensation and restricted stock expense of $1.9 million before taxes, or $0.05 per diluted share, compared to $0.6 million before taxes, or $0.01 per diluted share, for the fourth quarter last year.
In addition, this year's fourth quarter results benefited by approximately $0.01 per diluted share from the recognition of gift card related income and favorable litigation settlement offset by charges for expenses associated with the early termination of a licensing agreement and asset impairment charges in underperforming stores.
The Company also recognized $0.02 in this year's fourth quarter income tax provision reflecting items that impacted the full year's effective income tax rate.
Net sales for the 14-week fourth quarter of fiscal 2007 increased 17% to $476.9 million, compared to $406.3 million for the 13-week fourth quarter of fiscal 2006. Excluding the fourteenth week in fiscal 2007, the sales increase from the comparable 13-week period last year was approximately 11%.
For the 53-week fiscal year ended February 3, 2007, the Company reported earnings before discontinued operations of $68.2 million, or $2.61 per diluted share, compared to $62.6 million, or $2.38 per diluted share, for the 52-week fiscal year ended January 28, 2006.
marketing@alchempro.com
