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GENESCO REPORTS IMPROVED FIRST QUARTER RESULTS

 GENESCO REPORTS IMPROVED FIRST QUARTER RESULTS
 NASHVILLE, Tenn., May 14 /PRNewswire/ -- GENESCO Inc. (NYSE: GCO)


today reported operating results for the first quarter ended April 30, 1992.
 Net sales for the quarter were $112,853,000, a 6 percent increase from sales of $106,227,000 for the year-ago first quarter. The Company had a net loss of $940,000, or $.04 per share, compared with a net loss of $2,325,000, or $.11 per share, last year.
 The first quarter is typically a slow period for GENESCO. It is not unusual for the Company to show a loss for the quarter.
 "GENESCO 's business improved in the first quarter, compared to last year, and this is reflected in our improved first quarter results," said William S. Wire II, chairman and chief executive officer.
 "All brands within our footwear wholesale operations had sales increases for the quarter," Wire explained. "Laredo and Code West, our western footwear brands, posted a combined 68 percent sales increase while Mitre Sports, our athletic brand, posted a 25 percent sales increase over last year's first quarter. This is exceptional performance in this economic environment.
 "We had sales improvements in footwear retail and wholesale which are encouraging as we look ahead to the rest of the year," Wire said.
 "Sales in our tailored clothing company, The Greif Companies, continue to be soft," Wire said. "But in recent months we have reduced Greif's payroll costs on an annual basis by more than $4 million. This should result in improved profit margins in the future.
 "I said GENESCO would come out of the recession a stronger, leaner, more competitive company. That's exactly what we are doing," Wire concluded.
 During the quarter, GENESCO announced the appointment of E. Douglas Grindstaff as president and chief operating officer and his election to the Board of Directors.
 Grindstaff, a vice president and 30-year veteran of Procter & Gamble, for the past six months has been president of the Procter & Gamble Cellulose Company in Memphis. Previously, he was president of Procter & Gamble Canada.
 Also during the quarter GENESCO agreed in principle to acquire the assets and business of Mitre Sports International Limited, from Grampian Holdings plc. This acquisition was completed on May 6 and provides the opportunity for GENESCO to expand worldwide the successful Mitre Sports business.
 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 1992 1991
 Net Sales $112,853 $106,227
 Cost of sales 71,411 68,179
 Selling and administrative expenses 41,137 39,815
 Earnings (loss) from operations before
 other income and expenses 305 (1,767)
 Other expenses (income):
 Interest expense, net 849 1,245
 Other expenses (income) 390 (694)
 Total other expenses, net 1,239 551
 Pretax loss (934) (2,318)
 Income taxes 6 7
 Net Loss ($940) ($2,325)
 Earnings Per Share Information
 Three Months Ended April 30
 In Thousands
 (except per share amounts) 1992 1991
 Preferred dividend requirements $78 $69
 Average common and common
 equivalent shares 22,880 22,677
 Loss per common share $(.04) $(.11)
 Consolidated Earnings Summary
 Three Months Ended April 30
 In Thousands 1992 1991
 Sales:
 Footwear retail $ 48,421 $ 46,437
 Footwear wholesale and manufacturing 36,617 29,222
 Tailored clothing 27,815 30,568
 Total Sales $112,853 $106,227
 Pretax Earnings (Loss):
 Footwear retail ($910) ($1,150)
 Footwear wholesale and manufacturing 2,999 1,692
 Tailored clothing 1,157 1,535
 Operating income 3,246 2,077
 Corporate expenses
 Interest expense, net (849) (1,245)
 Other corporate expenses (3,331) (3,150)
 Total Pretax Loss ($934) ($2,318)
 Consolidated Balance Sheet
 In Thousands April 30
 1992 1991
 Assets
 Cash and short-term investments $ 6,403 $ 3,243
 Accounts receivable 60,948 58,707
 Inventories 124,483 130,111
 Other current assets 6,449 6,969
 Total current assets 198,283 199,030
 Plant, equipment and capital leases 44,648 45,323
 Other non-current assets 12,087 10,617
 Total assets $255,018 $254,970
 Liabilities and Shareholders' Equity
 Total current liabilities $ 52,807 $ 47,555
 Long-term debt and capital leases 35,199 42,655
 Other long-term liabilities 18,665 17,991
 Shareholders' equity 148,347 146,769
 Total Liabilities and Shareholders'
 Equity $255,018 $254,970
 -0- 5/14/92
 /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: TEX SU: ERN


CM-JZ -- CH012 -- 0456 05/14/92 17:01 EDT
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