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GENESCO REPORTS THIRD QUARTER INCREASES IN SALES AND EARNINGS

 NASHVILLE, Tenn., Nov. 17 ~PRNewswire~ -- GENESCO Inc. (NYSE: GCO) today reported gains in third quarter and nine month operating results, reflecting sales growth in both wholesale and retail footwear operations.
 Net sales for the quarter ended Oct. 31, 1992, climbed 20 percent to $146,127,000 from $122,126,000 in the year-ago period. Net income for the most recent quarter rose 214 percent to $4,851,000, or $.21 per share, from $1,544,000, or $.06 per share, in the comparable quarter last year.
 For the nine months ended Oct. 31, 1992, GENESCO generated net sales of $389,023,000, up 12 percent from $346,439,000 in the first nine months of the prior year. Net income for the first three quarters of the current fiscal year reached $5,485,000, or $.23 per share, compared with a net loss of $1,012,000, or $.05 per share, in the corresponding nine months last year.
 "The sales and earnings momentum we've experienced all year continued to build in the third quarter," William S. Wire, II, chairman and chief executive officer, said in announcing the results.
 "All three areas of our business -- footwear retail, footwear wholesale and manufacturing, and tailored clothing had good profit improvements," Wire said.
 "Footwear retail and footwear wholesale and manufacturing showed strong sales increases for the third quarter of 10 percent and 61 percent respectively. Our tailored clothing sales were down as expected, but profits improved because of actions taken earlier in the year which have resulted in improved margins.
 "We continue to be optimistic about the year as we enter the very important holiday season, but our optimism is tempered by the low level of consumer confidence and the state of the economy," Wire added.
 GENESCO, headquartered in Nashville, Tenn., is a consumer products company with operations concentrated in footwear and men's apparel.
 GENESCO INC.
 Consolidated Earnings Summary
 3 Months Ended 9 Months Ended
 Oct. 31 Oct. 31
 In Thousands 1992 1991 1992 1991
 Net sales $146,127 $122,126 $389,023 $346,439
 Cost of sales 90,588 77,743 243,735 222,123
 Selling and
 administrative expenses 46,319 41,515 131,860 122,210
 Earnings from operations
 before other income and expenses 9,220 2,868 13,428 2,106
 Other expenses(income):
 Interest expense, net 1,667 1,184 4,081 3,704
 Other expenses (income) 701 134 1,346 (607)
 Total other expenses, net 2,368 1,318 5,427 3,097
 Pretax earnings (loss) 6,852 1,550 8,001 (991)
 Income taxes 2,001 6 2,516 21
 Net Earnings (Loss) $4,851 $1,544 $5,485 ($1,012)
 EARNINGS PER SHARE INFORMATION
 3 Months Ended 9 Months Ended
 Oct. 31 Oct. 31
 In Thousands (except per
 share amounts) 1992 1991 1992 1991
 Preferred dividend requirements $79 $79 $235 $217
 Average common and common
 equivalent shares 23,219 22,957 23,084 22,747
 Earnings (loss) per common share $.21 $.06 $.23 $(.05)
 Consolidated Earnings Summary
 3 Months Ended 9 Months Ended
 Oct. 31 Oct. 31
 In thousands 1992 1991 1992 1991
 Sales:
 Footwear retail $57,101 $51,862 $158,018 $149,103
 Footwear wholesale
 and manufacturing 61,833 38,499 149,978 104,189
 Tailored clothing 27,193 31,765 81,027 93,147
 Total Sales $146,127 $122,126 $389,023 $346,439
 Pretax Earnings (Loss):
 Footwear retail $3,144 ($889) $3,109 ($2,463)
 Footwear wholesale and
 manufacturing 6,743 5,010 15,423 10,319
 Tailored clothing 2,209 1,392 4,415 4,128
 Operating income 12,096 5,513 22,947 11,984
 Corporate expenses:
 Interest expense, net (1,667) (1,184) (4,081) (3,704)
 Other corporate expenses (3,577) (2,779) (10,865) (9,271)
 Total Pretax Earnings (Loss) $6,852 $1,550 $8,001 $991
 Consolidated Balance Sheet
 October 31
 In Thousands 1992 1991
 Assets
 Cash and short-term investments $2,599 $3,448
 Accounts receivable 79,675 64,670
 Inventories 153,342 124,456
 Other current assets 6,942 7,414
 Total current assets 242,558 199,988
 Plant, equipment and capital leases 46,294 44,949
 Other non-current assets 30,421 10,541
 Total Assets $319,273 255,478
 Liabilities and Shareholders' Equity
 Total current liabilities $71,854 $50,998
 Long-term debt and capital leases 71,389 38,237
 Other long-term liabilities 24,993 18,483
 Shareholders' equity 151,037 147,760
 Total Liabilities and Shareholders' Equity $319,273 $255,478
 -0- 11~17~92
 ~CONTACT: (Media) Teresa N. Miller, 615-367-8281, or (Financial) James S. Gulmi, 615-367-8325, both of GENESCO, Inc.~
 (GCO)


CO: GENESCO Inc. ST: Tennessee IN: REA SU: ERN

DF -- CH001 -- 1682 11~17~92 08:50 EST
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Date:Nov 17, 1992
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