GENESCO INC. - FORM 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L6kQEwTtuce2EtAOqlTrxOTDDirZzUhqpVVfd7qhzP8jKRk1KkrUE8097p76upwp /kXBzyVgzSvX5WW4cDNhyw== 0000950144-05-005939.txt : 20050611 0000950144-05-005939.hdr.sgml : 20050611 20050526080154 ACCESSION NUMBER: 0000950144-05-005939 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050526 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050526 DATE AS OF CHANGE: 20050526 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENESCO INC CENTRAL INDEX KEY: 0000018498 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-SHOE STORES [5661] IRS NUMBER: 620211340 STATE OF INCORPORATION: TN FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03083 FILM NUMBER: 05858188 BUSINESS ADDRESS: STREET 1: GENESCO PK 1415 MURFREESBORO RD CITY: NASHVILLE STATE: TN ZIP: 37217 BUSINESS PHONE: 6153677000 MAIL ADDRESS: STREET 1: GENESCO PK 1415 MURFREESBORO RD CITY: NASHVILLE STATE: TN ZIP: 37217 8-K 1 g95584e8vk.htm GENESCO INC. - FORM 8-K GENESCO INC. - FORM 8-K

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 26, 2005
(May 26, 2005)

GENESCO INC.

(Exact name of registrant as specified in its charter)


Tennessee (State of Incorporation)		1-3083 (Commission File No.)		62-0211340 (IRS Employer I.D. No.)


1415 Murfreesboro Road Nashville, Tennessee (Address of Principal Executive Office)		37217-2895 (Zip code)

Registrant’s telephone number, including area code: (615) 367-7000

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	ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
	ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
SIGNATURES
EXHIBIT INDEX
EX-99.1 PRESS RELEASE 05/26/05

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ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 26, 2005, Genesco Inc. issued a press release announcing its fiscal first quarter earnings and other results of operations. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

The following exhibit is furnished herewith:


Exhibit Number				Description
	99.1			Press Release, dated May 26, 2005, issued by Genesco Inc.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENESCO INC.

Date: May 26, 2005 By:   /s/ Roger G. Sisson
Name:   Roger G. Sisson
Title:   Vice President, Secretary and General Counsel

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EXHIBIT INDEX


No.				Exhibit
	99.1			Press Release dated May 26, 2005

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EX-99.1 2 g95584exv99w1.txt EX-99.1 PRESS RELEASE 05/26/05 EXHIBIT 99.1 FINANCIAL CONTACT: JAMES S. GULMI (615) 367-8325 MEDIA CONTACT: CLAIRE S. MCCALL (615) 367-8283 GENESCO REPORTS FIRST QUARTER RESULTS --DILUTED EPS BEFORE DISCONTINUED OPERATIONS INCREASE 33% TO $0.32, INCLUDING CHARGES ASSOCIATED WITH PREVIOUSLY ANNOUNCED CLASS ACTION SUIT-- --RAISES FISCAL 2006 GUIDANCE-- NASHVILLE, Tenn., May 26, 2005 - Genesco Inc. (NYSE: GCO) today reported earnings before discontinued operations of $8.2 million, or $0.32 per diluted share, for the first quarter ended April 30, 2005. This compares with earnings before discontinued operations of $5.8 million, or $0.24 per diluted share, for the first quarter last year. These results include previously announced charges of $1.6 million, or $0.06 per diluted share after taxes, associated with the anticipated settlement of a previously disclosed class action suit. Net sales for the first quarter of fiscal 2006 increased 27% to $286 million compared to $226 million for the first quarter of fiscal 2005. Genesco Chairman, President and Chief Executive Officer Hal N. Pennington, said, "Our results for the quarter, which significantly exceeded plan, were fueled by better than expected performances at Journeys, Hat World, Underground Station and Johnston & Murphy. Sales, margins, and cash flow were strong, and we ended the quarter with a good inventory position. We look forward to building on our momentum in the marketplace. "Journeys' same store sales increased 7%, footwear unit comparable sales rose 11%, and gross margins came in above plan. Journeys generated meaningful leverage on the strong sales as operating margin improved 270 basis points to 10.7%. Our stores are focused and our merchandise selection is reflective of what is currently happening in the marketplace, helping us sustain the favorable same store sales trend. "Once again, Hat World performed well during the quarter. Total sales increased to $62 million and same store sales increased 7%, against a 23% comp gain for the same period last year. These strong results and our continued success with multiple stores within malls, street locations and tourist destinations increase our confidence in Hat World's expansion potential. Hat World's operating margins and aggressive growth plans give it the potential to make a significant contribution to our long-term sales and earnings growth objectives. "Total sales for the Underground Station Group were up 13% to approximately $40 million during the quarter, comparable store sales rose 9% and operating margin increased 120 basis points to 5.8% due to improved gross margin and increased expense leverage. Same store sales for the Underground Station stores increased 11%, driven by continued increases in average selling prices and a 6% gain in footwear unit comps. We believe the early success of our new Underground Station store in Brooklyn, New York, which shares a location with a Lids store, demonstrates the potential for dual concept stores to contribute to Genesco's retail growth. Our momentum remains positive and we are committed to fully capitalizing on Underground Station's unique position in the marketplace. "Johnston & Murphy registered another strong quarter as total sales grew to roughly $42 million, same store sales rose 3% and wholesale sales increased 9%. We believe that Johnston & Murphy's updated image, reflected in its new logo, packaging, website, catalog and print ads will help to attract new customers and drive incremental sales. We remain encouraged about Johnston & Murphy's prospects and it moves forward with great product, innovative marketing and clean inventories. "Dockers Footwear sales were impacted by internal and external issues during the quarter. We are working hard to improve our market position and we remain confident that Dockers' brand value-equation continues to occupy an important space in the mind of our consumer." Genesco also stated that it is revising upward its fiscal 2006 guidance. The Company now expects sales for the year to range between $1.27 billion and $1.28 billion and earnings per share to range from $2.21 to $2.24, including the previously announced charges of approximately $0.06 per share associated with the anticipated class action settlement. Pennington concluded, "These excellent results, which come on the heels of a strong fourth quarter, are a great way to start the new fiscal year. We continue to see the positive results of all of our hard work and we remain committed to effectively executing our strategic plan, aimed at driving long-term growth and increasing shareholder value." This release contains forward-looking statements, including those regarding the Company's sales and earnings outlook, the anticipated class action settlement and all other statements not addressing solely historical facts or present conditions. Actual results could vary materially from the expectations reflected in these statements. A number of factors could cause differences, including weakness in consumer demand for products sold by the Company, fashion trends that affect the sales or product margins of the Company's retail product offerings, changes in the timing of holidays or in the onset of seasonal weather affecting period to period sales comparisons, changes in buying patterns by significant wholesale customers, disruptions in product availability or distribution, unfavorable trends in foreign exchange rates and other factors affecting the cost of products, changes in business strategies by the Company's competitors (including pricing and promotional discounts), the ability to open, staff and support additional retail stores on schedule and at acceptable expense levels and to renew leases in existing stores on schedule and at acceptable expense levels, variations from expected pension-related charges caused by conditions in the financial markets, and the outcome of litigation and environmental matters involving the Company. Forward-looking statements reflect the expectations of the Company at the time they are made. The Company disclaims any obligation to update such statements. The Company's live conference call on May 26, 2005, at 7:30 a.m. (Central time) may be accessed through the Company's internet website, www.genesco.com. To listen live, please go to the website at least 15 minutes early to register, download and install any necessary software. Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear and accessories in more than 1,600 retail stores in the United States and Canada, principally under the names Journeys, Journeys Kidz, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Zone, Cap Factory, Head Quarters and Cap Connection, and on internet websites www.journeys.com , www.journeyskidz.com , www.undergroundstation.com , www.johnstonmurphy.com, www.lids.com, www.hatworld.com, and www.lidscyo.com. The Company also sells footwear at wholesale under its Johnston & Murphy brand and under the licensed Dockers brand. Additional information on Genesco and its operating divisions may be accessed at its website www.genesco.com. GENESCO INC.

GENESCO INC.

*Includes $2.9 million of other charges in the first quarter of Fiscal 2006, including $2.6 million for a litigation settlement and the remaining $0.3 million for asset impairment and lease terminations. Includes $0.1 million of other charges in the first quarter of Fiscal 2005 for lease terminations. GENESCO INC.

GENESCO INC.

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