Genesco Inc reported earnings of $5.9 million, or $0.24 per diluted share, for the second quarter ended July 29, 2006.
Earnings were $6.8 million, or $0.27 per diluted share, for the second quarter ended July 30, 2005. Earnings for the second quarter of this year included SFAS 123 share-based compensation and restricted stock expense of $1.7 million before taxes, or $0.04 per diluted share.
Net sales for the second quarter of fiscal 2007 increased 11 percent to $304 million compared to $275 million for the second quarter of fiscal 2006.
Genesco Chairman, President and Chief Executive Officer Hal N. Pennington, said, "Strong performances in Journeys and our wholesale businesses helped to offset weakness in the urban market, reflecting an advantage of our diversified operating model."
"We also continued to execute our store growth plans during the quarter, opening a total of 47 stores, compared with 40 during the second quarter last year, and increasing square footage by 15 percent compared to a year ago."
"Net sales in the Journeys Group increased 15 percent to approximately $137 million in the second quarter. Same store sales increased 5 percent and footwear unit comps rose 8 percent."
"Athletic footwear, led by board sport shoes, sandals and women's casuals once again performed well, and we expect these trends to continue through the back to school season. We are excited about Journeys' prospects for the second half of the year, and we believe its product offerings provide an important point of differentiation to its customer. We remain on plan to open a total of 60 Journeys stores in fiscal 2007."
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