Genesco Inc reported earnings before discontinued operations of $10.7 million, or $0.41 per diluted share, for the first quarter ended April 29, 2006. Earnings before discontinued operations were $8.4 million, or $0.33 per diluted share, for the first quarter ended April 30, 2005.
Earnings before discontinued operations for the first quarter of this year included SFAS 123(R) share-based compensation and restricted stock expense of $1.6 million before taxes, or $0.04 per diluted share, while earnings before discontinued operations in the first quarter of last year included a charge of $2.6 million before taxes, or $0.06 per diluted share, related to the settlement of class action litigation.
Net sales for the first quarter of fiscal 2007 increased 10 percent to $315 million compared to $286 million for the first quarter of fiscal 2006.
We also continued to successfully execute our store growth plans during the first quarter, opening a total of 62 stores, compared with 28 during the first quarter last year, and increasing square footage by 16 percent versus 5 percent over the same period last year. We remain focused on expanding our retail presence across the country and building on our leadership position in the marketplace.
Net sales in the Journeys Group increased 10 percent to more than $141 million, same store sales increased 1 percent and footwear unit comps rose 4 percent in the first quarter. Board sport and women's casual shoes continued to perform well; however, overall sales were affected by a shift in demand from men's boots and utility footwear to lower-priced canvas shoes, sandals and clogs.
marketing@alchempro.com
