Saturday, March 5, 2011

Genesco reports profits up year over year after good holiday sales

Nashville-based shoe and hat retailer Genesco, Inc. saw its latest quarterly profits rise 19 percent after better-than-expected holiday sales.

Genesco reported profits of $30.9 million, or $1.31 a share, up from $25.9 million, or $1.08 a share, a year earlier.
The company’s Johnston & Murphy clothing and accessories brand and its Journeys Group footwear brand both saw same-store sales rise 12 percent for the quarter.

Online and catalog direct sales increased 25%.

Overall, retail sales increased 17% to $560.5 million for the quarter.

Chief Executive Robert Denis said the company is seeing a 10 percent increase in sales at all of its retail businesses as the company’s second quarter of the year gets underway.

“While we expect these trends will moderate, we feel good about our prospects for spring based on our merchandising strategies and solid inventory positions,” Denis said.

Founded in 1924, Nashville, Tennessee-based Genesco Inc. is a specialty retailer of footwear, headwear, and wholesaler of branded footwear, with more than 2,225 footwear and headwear retail stores in the United States, Puerto Rico and Canada.

Reach Anita Wadhwani at awadhwani@tennessean.com or 615-259-8092.

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