The revised guidance reflects an expected shortfall of $0.01 to $0.02 per share related to operating performance compared to the original guidance, asset impairment charges of $0.14 to $0.16 per share and approximately $0.01 per share of incremental income tax expense and unplanned costs incurred in connection with the Foot Locker proposal.
"We remain confident that Underground Station is a viable concept filling an underserved niche in the market," said Genesco Chairman and Chief Executive Officer Hal N. Pennington. "We believe that closing these stores will allow us to focus on strengthening the remaining stores and improve the prospects for a quicker turnaround in the Underground Station business."
The Company said that it expects to report same store sales growth of approximately 3% for the Journeys Group and 4% for Johnston & Murphy retail, and same store decreases of approximately -4% for the Hat World Group and -22% for the Underground Station Group for the quarter.
Genesco expects to announce first quarter results and hold its quarterly conference call on Thursday, May 31, 2007.
marketing@alchempro.com
