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GENESCO POSTS IMPROVED FIRST QUARTER OPERATING PERFORMANCE

 NASHVILLE, Tenn., May 13 /PRNewswire/ -- GENESCO Inc. (NYSE: GCO) today reported improved operating results in the quarter ended April 30, 1993.
 Sales for the quarter rose 14 percent to $128,834,000 from $112,853,000 in the same period last year. Footwear retail contributed 38 percent of total sales while footwear wholesale and manufacturing was 42 percent and tailored clothing was 20 percent.
 The net loss for the quarter before the effect of an accounting principles change, was $742,000, or $.03 per share, an improvement over the $940,000, or $.04 per share net loss, in the comparable period a year ago.
 The company recorded a non-recurring loss of $2,273,000, or $.10 per share, in the quarter ended April 30, 1993, from the adoption of Statement of Financial Accounting Standards No. 106 relating to postretirement benefits. With the charge, GENESCO posted a first quarter net loss of $3,015,000, or $.13 per share.
 "The combination of creative ideas in product introductions and manufacturing are continuing to drive GENESCO in the new fiscal year," E. Douglas Grindstaff, president and chief executive officer, said in announcing the results.
 "Our wholesale footwear operations posted the strongest growth among our business groups, with sales up 49 percent over the first quarter of last year."
 Sales from GENESCO's retailing businesses were flat in the first quarter despite fewer stores and a continuing lackluster economic environment. Sales from the company's tailored clothing business, reflecting a downsizing of operations, were 10 percent lower than in the first quarter of last year, but margins were stronger.
 "Wholesale footwear continues to present GENESCO with the most promising prospects for growth in the new fiscal year," Grindstaff observed. "We see the combination of our new brands, Dockers and J. Murphy, as well as our recent acquisitions of Mitre U.K. and University Brands and our western boot business, Laredo and Code West, as providing us with excellent growth potential."
 GENESCO, headquartered in Nashville, is a consumer products company with operations concentrated in footwear and men's apparel.
 GENESCO INC.
 Consolidated Earnings Summary
 Three Months Ended April 30
 In Thousands 1993 1992
 Net sales $128,384 $112,853
 Cost of sales 81,681 71,411
 Selling and administrative expenses 45,030 41,137
 Earnings from operations before
 other income and expenses 1,673 305
 Other expenses (income):
 Interest expense 2,391 849
 Other expenses (income) (27) 390
 Total other expenses, net 2,364 1,239
 Loss before income taxes and
 cumulative effect of change in
 accounting principle (691) (934)
 Income taxes 51 6
 Loss before cumulative effect of
 change in accounting principle (742) (940)
 Postretirement benefits(A) (2,273) 0
 Net Loss ($3,015) ($940)
 Earnings Per Share Information
 Three Months Ended April 30
 In Thousands (except per
 share amounts) 1993 1992
 Preferred dividend requirements $78 $78
 Average common and common
 equivalent shares 23,902 22,880
 Loss per share:
 Loss before cumulative effect of
 change in accounting principle $(.03) $(.04)
 Postretirement benefits(A) $(.10) $.00
 Net loss $(.13) $(.04)
 (A) - Reflects the cumulative effect of changes in the method of
 accounting for postretirement benefits due to the implementation of
 Statement of Financial Accounting Standards No. 106.
 GENESCO INC.
 Consolidated Earnings Summary
 Three Months Ended April 30
 In Thousands 1993 1992
 Sales:
 Footwear retail $ 48,545 $ 48,421
 Footwear wholesale 54,698 36,617
 Tailored clothing 25,141 27,815
 Total Sales $128,384 $112,853
 Pretax Earnings (Loss):
 Footwear retail $848 ($910)
 Footwear wholesale and manufacturing 3,275 2,999
 Tailored clothing 1,186 1,157
 Operating income 5,309 3,246
 Corporate expenses:
 Interest expense (2,391) (849)
 Other corporate expenses (3,609) (3,331)
 Total Pretax Loss ($691) ($934)
 Consolidated Balance Sheet
 April 30
 In Thousands 1993 1992
 Assets
 Cash and short-term investments $2,900 $6,403
 Accounts receivable 78,552 60,948
 Inventories 166,477 124,483
 Other current assets 6,677 6,449
 Total current assets 254,606 198,283
 Plant, equipment and capital leases 46,469 44,648
 Other non-current assets 39,104 12,087
 Total Assets $340,179 $255,018
 Liabilities and Shareholders' Equity
 Total current liabilities $59,992 $52,807
 Long-term debt and capital leases 89,627 35,199
 Other long-term liabilities 31,268 18,665
 Shareholders' equity 159,292 148,347
 Total Liabilities and Shareholders' Equity $340,179 $255,018
 -0- 5/13/93
 /CONTACT: (Media) Teresa Miller Mangelsdorf, 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

SB-JM -- CH001 -- 7935 05/13/93 08:49 EDT
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Date:May 13, 1993
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