EX-99.1

Exhibit 99.1


*Financial Contact:*		*James S. Gulmi (615) 367-8325*
*Media Contact:*		*Claire S. McCall (615) 367-8283*

GENESCO REPORTS FOURTH QUARTER FISCAL 2007 RESULTS
-Company Reports Fourth Quarter Diluted EPS of $1.36 Before Discontinued Operations-
—Outlines Guidance for Fiscal 2008—

NASHVILLE, Tenn., March 7, 2007 — Genesco Inc. (NYSE: GCO) today reported earnings before discontinued operations of $35.7 million, or $1.36 per diluted share, for the 14-week fourth quarter ended February 3, 2007, compared to $31.2 million, or $1.15 per diluted share, for the 13-week fourth quarter ended January 28, 2006. Earnings before discontinued operations for the fourth quarter of this year reflected SFAS 123(R) share-based compensation and restricted stock expense of $1.9 million before taxes, or $0.05 per diluted share, compared to $0.6 million before taxes, or $0.01 per diluted share, for the fourth quarter last year. In addition, this year’s fourth quarter results benefited by approximately $0.01 per diluted share from the recognition of gift card related income and favorable litigation settlement offset by charges for expenses associated with the early termination of a licensing agreement and asset impairment charges in underperforming stores. The Company also recognized $0.02 in this year’s fourth quarter income tax provision reflecting items that impacted the full year’s effective income tax rate.

Net sales for the 14-week fourth quarter of fiscal 2007 increased 17% to $476.9 million, compared to $406.3 million for the 13-week fourth quarter of fiscal 2006. Excluding the fourteenth week in fiscal 2007, the sales increase from the comparable 13-week period last year was approximately 11%.

For the 53-week fiscal year ended February 3, 2007, the Company reported earnings before discontinued operations of $68.2 million, or $2.61 per diluted share, compared to $62.6 million, or $2.38 per diluted share, for the 52-week fiscal year ended January 28, 2006. Earnings before discontinued operations for fiscal 2007 reflected SFAS 123(R) share-based compensation and restricted stock expense of $6.9 million before taxes, or $0.18 per diluted share, compared to $0.6 million before taxes, or $0.01 per diluted share for fiscal 2006. Fiscal 2007 results reflected the gift

card income, favorable litigation settlement and early license termination charge discussed previously, as well as asset impairment charges for underperforming stores for the balance of the year, which in the aggregate reduced the fiscal year earnings by approximately $0.03 per diluted share, net. Fiscal 2006 results reflected charges for a litigation settlement, asset impairments and lease terminations of $2.3 million pretax or $0.05 per diluted share, net.

Net sales for the 53-week fiscal year 2007 increased 14% to $1.5 billion compared to $1.3 billion for the 52-week fiscal year 2006. Excluding the fifty-third week in fiscal 2007, the net sales increase from the comparable 52-week period last year was approximately 12%.

Genesco Chairman and Chief Executive Officer Hal N. Pennington, said, “We were pleased with our solid results for the fourth quarter. The Journeys Group, Johnston & Murphy Group and Dockers all outperformed expectations, although Underground Station Group and Hat World Group were affected by the ongoing softness in the urban market. We are implementing a number of strategies to improve the trends in these businesses; however, we expect that these businesses will continue to negatively impact our performance during the first half of fiscal 2008.

“Net sales at Journeys Group increased 22% to approximately $234 million and same store sales rose 6% in the fourth quarter. Journeys remains the destination retailer for branded footwear for young adults. With the ability to operate successfully in both mall and non-mall locations, we are confident that meaningful expansion opportunities still exist. Journeys Kidz also posted another quarter of excellent growth, with sales up 59% and same store sales up 8%. Based on the ongoing strength of Journeys Kidz, we now believe that there is an opportunity for it to become a 250 to 300 store chain. We also continue to be pleased with the performance of Shi by Journeys. We ended the year with 12 Shi by Journeys stores. While we continue to validate the concept, if it proves out, we believe that its merchandise and demographic positioning are suitable for at least 500 malls nationwide.

“Net sales in the Hat World Group increased 19% to approximately $116 million and same store sales declined 1%, compared to a 6% gain in the fourth quarter last year. We expect a challenging first quarter at Hat World, primarily due to ongoing weakness in the urban segment and Major League Baseball’s on-field hat transition; however, we are forecasting improvement in the business throughout the balance of the year. Hat World remains a highly profitable, high-margin

business, for which we see significant expansion opportunities, and we are increasing our total store target for Hat World to 1,200 to 1,300 stores.

“Net sales for the Underground Station Group, which includes the remaining Jarman stores, were $49 million. Same store sales declined 15%, compared to a 4% gain in the fourth quarter last year. Same store sales at Underground Station fell 15%, primarily due to continued softness in the men’s athletic and urban markets in general. We are working to reposition Underground Station away from its athletic emphasis and back towards its original focus on casual and dress styles, but now with significantly more emphasis on the women’s business. We expect performance improvements from this repositioning to be gradual, but steady.

“Johnston & Murphy’s net sales increased 17% to approximately $57 million in the fourth quarter. Wholesale sales rose 12%, same store sales were up 5% and operating margin increased 380 basis points to 12.1%. Over the past three years, Johnston & Murphy’s operating income has increased at a compound annual growth rate of 55%. We are pleased with the continuing success of our strategy to grow Johnston & Murphy sales and earnings by enhancing the brand image and improving the product line.

“Fourth quarter sales of Licensed Brands increased 51% to approximately $21 million. The Dockers Footwear product line continues to retail well, backlog is strong and we are excited about the response to the new product introductions from last fall and for the spring.

“We believe that we have identified our near-term challenges and that we are taking the appropriate steps to address them. Looking ahead, we remain very confident about our brands and our platform, and our view of our retail growth prospects has improved as we have successfully launched new brand extensions and identified additional expansion opportunities for many of our existing concepts.”

Genesco outlined its guidance for the fiscal year ending February 2, 2008. The Company now expects sales of approximately $1.6 billion and diluted earnings per share of $2.78 to $2.81 for the year. For the first quarter, the Company expects sales of approximately $339 million to $341 million and earnings of approximately $0.28 per diluted share. The earnings per share estimates include expected SFAS 123(R) share-based compensation and restricted stock expense totaling approximately $0.20 per share for the fiscal year and $0.05 per share for the first quarter.

This release contains forward-looking statements, including those regarding the Company’s sales and earnings outlook 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. These include 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 supply or distribution, further unfavorable trends in foreign exchange rates and other factors affecting the cost of products, and competition in the Company’s markets. Additional factors that could affect the Company’s prospects and cause differences from expectations include 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 March 7, 2007, 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 2,000 retail stores in the United States and Canada, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, 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.

Consolidated Earnings Summary


	Fourth Quarter						Fiscal Year Ended
In Thousands	2007			2006			2007			2006

Net sales	$	476,861		$	406,287		$	1,460,478		$	1,283,876
Cost of sales		242,239			200,902			729,643			631,469
Selling and administrative expenses		175,208			151,898			608,685			537,327
Restructuring and other, net		(567	)		(2	)		1,105			2,253

Earnings from operations		59,981			53,489			121,045			112,827
Interest expense, net		2,905			2,416			9,927			10,357

Earnings before income taxes from continuing operations		57,076			51,073			111,118			102,470
Income tax expense		21,414			19,877			42,871			39,844

Earnings from continuing operations		35,662			31,196			68,247			62,626
Earnings from (provision for) discontinued operations, net		(314	)		90			(601	)		60

Net Earnings	$	35,348		$	31,286		$	67,646		$	62,686

Earnings Per Share Information


	Fourth Quarter				Fiscal Year Ended
In Thousands (except per share amounts)	2007		2006		2007		2006

Preferred dividend requirements	$	64	$	64	$	256	$	273
Average common shares — Basic EPS		22,269		23,193		22,646		22,804
Basic earnings per share:
Before discontinued operations	$	1.60	$	1.34	$	3.00	$	2.73
Net earnings	$	1.58	$	1.35	$	2.98	$	2.74
Average common and common equivalent shares — Diluted EPS		26,704		27,672		27,068		27,265
Diluted earnings per share:
Before discontinued operations	$	1.36	$	1.15	$	2.61	$	2.38
Net earnings	$	1.35	$	1.15	$	2.59	$	2.38

GENESCO INC.

Consolidated Earnings Summary


	Fourth Quarter						Fiscal Year Ended
In Thousands	2007			2006			2007			2006

Sales:
Journeys Group	$	234,329		$	192,635		$	696,889		$	593,516
Underground Station Group		49,215			53,637			155,069			164,054
Hat World Group		115,944			97,739			342,641			297,271
Johnston & Murphy Group		56,565			48,518			186,979			170,015
Licensed Brands		20,663			13,665			78,422			58,730
Corporate and Other		145			93			478			290

Net Sales	$	476,861		$	406,287		$	1,460,478		$	1,283,876

Operating Income (Loss):
Journeys Group	$	37,489		$	31,076		$	83,835		$	73,346
Underground Station Group		3,817			6,990			3,844			10,890
Hat World Group		19,025			17,778			41,359			40,133
Johnston & Murphy Group		6,837			4,044			15,337			10,396
Licensed Brands		1,387			622			6,777			4,167
Corporate and Other*		(8,574	)		(7,021	)		(30,107	)		(26,105	)

Earnings from operations		59,981			53,489			121,045			112,827
Interest, net		2,905			2,416			9,927			10,357

Earnings before income taxes from continuing operations		57,076			51,073			111,118			102,470
Income tax expense		21,414			19,877			42,871			39,844

Earnings from continuing operations		35,662			31,196			68,247			62,626
Earnings from (provision for) discontinued operations		(314	)		90			(601	)		60

Net Earnings	$	35,348		$	31,286		$	67,646		$	62,686


*		Includes $0.6 million of other income and $1.1 million of other charges in the fourth quarter and year of Fiscal 2007, respectively, which includes $0.5 million and $2.2 million of charges for asset impairment, lease terminations and the termination of a small license agreement offset by $1.1 million of income for gift card breakage and a litigation settlement in the fourth quarter and year of Fiscal 2007, respectively. Includes $0.6 million of other charges for asset impairment and lease terminations and a $1.7 million charge for a litigation settlement in Fiscal 2006.

GENESCO INC.

Consolidated Balance Sheet


	February 3,		January 28,
In Thousands	2007		2006

Assets
Cash and cash equivalents	$	16,739	$	60,451
Accounts receivable		24,084		21,171
Inventories		264,022		230,648
Other current assets		33,205		28,918

Total current assets		338,050		341,188

Property and equipment		222,334		188,047
Other non-current assets		171,974		156,883

Total Assets	$	732,358	$	686,118

Liabilities and Shareholders’ Equity
Accounts payable	$	68,067	$	73,929
Current portion — long-term debt		—		—
Other current liabilities		69,653		82,273

Total current liabilities		137,720		156,202

Long-term debt		109,250		106,250
Other long-term liabilities		80,162		74,915
Shareholders’ equity		405,226		348,751

Total Liabilities and Shareholders’ Equity	$	732,358	$	686,118

GENESCO INC.

GENESCO INC. Retail Units Operated — Twelve Months Ended February 03, 2007


	Balance									Balance		Acquisi-									Balance
	01/29/05		Open		Conv			Close		01/28/06		tions		Open		Conv			Close		02/03/07

Journeys Group		695		71		0			5		761				96		0			4		853
Journeys		654		60		0			4		710				61		0			3		768
Journeys Kidz		41		10		0			1		50				24		0			1		73
Shi by Journeys		0		1		0			0		1				11		0			0		12
Underground Station Group		229		21		0			21		229				11		0			17		223
Underground Station		165		21		2			8		180				11		3			1		193
Jarman Retail		64		0		(2	)		13		49				0		(3	)		16		30
Hat World Group		552		96		0			7		641		49		104		0			9		785
Johnston & Murphy Group		142		5		0			5		142				13		0			7		148
Shops		107		4		0			4		107				7		0			5		109
Factory Outlets		35		1		0			1		35				6		0			2		39

Total Retail Units		1,618		193		0			38		1,773		49		224		0			37		2,009

Retail Units Operated — Three Months Ended February 03, 2007


	Balance		Acquisi-								Balance
	10/28/06		tions		Open		Conv		Close		02/03/07

Journeys Group		829				25		0		1		853
Journeys		751				17		0		0		768
Journeys Kidz		68				6		0		1		73
Shi by Journeys		10				2		0		0		12
Underground Station Group		229				1		0		7		223
Underground Station		193				1		0		1		193
Jarman Retail		36				0		0		6		30
Hat World Group		718		49		21		0		3		785
Johnston & Murphy Group		149				2		0		3		148
Shops		110				1		0		2		109
Factory Outlets		39				1		0		1		39

Total Retail Units		1,925		49		49		0		14		2,009

Constant Store Sales


	Three Months Ended						Twelve Months Ended
	February 03,			January 28,			February 03,			January 28,
	2007			2006			2007			2006

Journeys Group		6	%		10	%		6	%		7	%
Underground Station Group		-15	%		4	%		-10	%		7	%
Underground Station		-15	%		6	%		-9	%		10	%
Jarman Retail		-16	%		-2	%		-12	%		-1	%
Hat World Group		-1	%		6	%		-1	%		4	%
Johnston & Murphy Group		5	%		9	%		3	%		7	%
Shops		5	%		10	%		3	%		7	%
Factory Outlets		6	%		5	%		1	%		5	%

Total Constant Store Sales		1	%		9	%		2	%		7	%

Reconciliation of Non-GAAP Financial Measure

Fifty-third/Fourteenth Week Incremental Sales
By Segment

The estimated contribution of the fifty-third week of the fiscal year and the fourteenth week of the fiscal quarter (the “final week”) to the sales increase in the fourth quarter and fiscal year ended February 3, 2007, is based upon actual retail sales and an estimated incremental wholesale sales for the final week, as follows:


Journeys Group	$	12,275
Underground Station Group		3,218
Hat World Group		5,200
Johnston & Murphy Group		3,265	*
Licensed Brands		790	*

Total	$	24,748	*

*Reflects estimated incremental wholesale sales for the final week. Wholesale sales are recognized upon shipment. The Company believes that a portion of the shipments that occurred in the final week would have occurred during the quarter even if it had not included the final week. Its estimate of the amount of such sales is excluded from the numbers noted.

The Company believes that a comparison of sales from periods of identical length is relevant to investors’ view of the significance of the period-to-period change.