Restatement of Previously Issued Financial Statements (Tables)

12 Months Ended

Feb. 02, 2013

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

Following is a summary of the effects of this correction on the Company's Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for Fiscal 2013, 2012 and 2011. The effects of the restatement also reflect corrections of other immaterial errors related to income taxes and earnings per share. The corrections had no impact on total revenues or total cash flow for the restated periods and had no impact on the Company's compliance with debt covenants in any period presented.

Note 2

Restatement of Previously Issued Financial Statements, Continued

	February 2, 2013
	As Previously Reported			Adjustments			As Restated
(In Thousands)
Consolidated Balance Sheets
Deferred income taxes	$	26,448		$	(7,717	)	$	18,731
Total assets	1,333,789			(7,717		)	1,326,072
Accrued employee compensation	55,078			163			55,241
Accrued other taxes	27,004			(1,019		)	25,985
Total current liabilities	276,054			(856		)	275,198
Deferred rent and other long-term liabilities	177,537			(20,130		)	157,407
Total liabilities	523,271			(20,986		)	502,285
Retained Earnings	655,920			13,269			669,189
Total Genesco equity	808,591			13,269			821,860
Total equity	810,518			13,269			823,787
Total liabilities and equity	1,333,789			(7,717		)	1,326,072
Consolidated Statements of Operations and Comprehensive Income
Cost of sales	$	1,306,470		$	(270	)	$	1,306,200
Selling and administrative expenses	1,113,340			(1,623		)	1,111,717
Earnings from operations	167,970			1,893			169,863
Earnings from continuing operations before income taxes	162,939			1,893			164,832
Income tax expense	51,941			(6		)	51,935
Earnings from continuing operations	110,998			1,899			112,897
Net earnings	110,536			1,899			112,435
Comprehensive income	115,261			1,899			117,160
Basic EPS - continuing operations	4.70			0.08			4.78
Basic EPS - net earnings	4.68			0.08			4.76
Diluted EPS - continuing operations	4.62			0.07			4.69
Diluted EPS - net earnings	4.60			0.08			4.68
Consolidated Statements of Cash Flows
Net earnings	$	110,536		$	1,899		$	112,435
Deferred income taxes	(17,831		)	213			(17,618		)
Other accrued liabilities	(6,908		)	284			(6,624		)
Other assets and liabilities	51,739			(2,396		)	49,343

Note 2

Restatement of Previously Issued Financial Statements, Continued

	January 28, 2012
	As Previously Reported		Adjustments			As Restated
(In Thousands)
Consolidated Balance Sheets
Deferred income taxes	$	28,152	$	(7,504	)	$	20,648
Total assets	1,237,265		(7,504		)	1,229,761
Accrued employee compensation	53,029		(300		)	52,729
Accrued other taxes	26,293		(1,059		)	25,234
Accrued income taxes	16,390		219			16,609
Total current liabilities	304,462		(1,140		)	303,322
Deferred rent and other long-term liabilities	156,794		(17,734		)	139,060
Total liabilities	519,655		(18,874		)	500,781
Retained Earnings	586,990		11,370			598,360
Total Genesco equity	715,361		11,370			726,731
Total equity	717,610		11,370			728,980
Total liabilities and equity	1,237,265		(7,504		)	1,229,761
Consolidated Statements of Operations and Comprehensive Income
Cost of sales	$	1,144,281	$	(649	)	$	1,143,632
Selling and administrative expenses	1,001,159		(16,966		)	984,193
Earnings from operations	143,870		17,615			161,485
Earnings from continuing operations before income taxes	138,778		17,615			156,393
Income tax expense	55,794		7,148			62,942
Earnings from continuing operations	82,984		10,467			93,451
Net earnings	81,959		10,467			92,426
Comprehensive income	73,298		10,467			83,765
Basic EPS - continuing operations	3.56		0.33			3.89
Basic EPS - net earnings	3.52		0.32			3.84
Diluted EPS - continuing operations	3.48		0.35			3.83
Diluted EPS - net earnings	3.43		0.36			3.79
Consolidated Statements of Cash Flows
Net earnings	$	81,959	$	10,467		$	92,426
Deferred income taxes	2,732		6,929			9,661
Other accrued liabilities	9,046		338			9,384
Other assets and liabilities	23,270		(17,734		)	5,536

Note 2

Restatement of Previously Issued Financial Statements, Continued

	January 29, 2011
	As Previously Reported			Adjustments			As Restated
(In Thousands)
Consolidated Balance Sheets
Deferred income taxes	$	19,130		$	(575	)	$	18,555
Total current assets	513,055			(575		)	512,480
Total assets	961,082			(575		)	960,507
Accrued employee compensation	38,188			(1,381		)	36,807
Accrued other taxes	17,289			(97		)	17,192
Total current liabilities	234,363			(1,478		)	232,885
Total liabilities	334,261			(1,478		)	332,783
Retained Earnings	505,224			903			506,127
Total Genesco equity	624,318			903			625,221
Total equity	626,821			903			627,724
Total liabilities and equity	961,082			(575		)	960,507
Consolidated Statements of Operations and Comprehensive Income
Cost of sales	$	891,764		$	(76	)	$	891,688
Selling and administrative expenses	803,425			(1,069		)	802,356
Earnings from operations	86,083			1,145			87,228
Earnings from continuing operations before income taxes	84,961			1,145			86,106
Income tax expense	30,414			448			30,862
Earnings from continuing operations	54,547			697			55,244
Net earnings	53,211			697			53,908
Comprehensive income	57,710			697			58,407
Basic EPS - continuing operations	2.34			(0.04		)	2.30
Basic EPS - net earnings	2.28			(0.04		)	2.24
Diluted EPS - continuing operations	2.29			(0.02		)	2.27
Diluted EPS - net earnings	2.24			(0.02		)	2.22
Consolidated Statements of Cash Flows
Net earnings	$	53,211		$	697		$	53,908
Deferred income taxes	(11,866		)	448			(11,418		)
Other accrued liabilities	41,597			(1,145		)	40,452