Genesco reported net sales of $226 million for the first quarter ended May 1, 2004, a 17.1% increase compared to $193 million for the same period last year. The Company also raised its first quarter earnings per share guidance to between 21 cents and 24 cents, versus 15 cents for the corresponding period a year ago, and compared to its previous guidance of 12 cents to 13 cents.
The Company also reported that total same store sales for the quarter increased 6% (not including the stores acquired in the purchase of Hat World Corporation, which was completed April 1, 2004). Journeys reported a same store sales increase of 9%, Johnston & Murphy's comparable store sales rose 8% and Underground Station Group's same store sales declined 3%. Hat World reported a same store sales gain of 23% for the quarter and 20% for the month of April.
Hal N. Pennington, president and chief executive officer, commented, “Our strong performance during the quarter was primarily driven by better than expected results at Journeys and Hat World. Johnston & Murphy also outperformed our plan and we continue to be encouraged about the ongoing improvement at Dockers. We are pleased with current trends and the positive momentum these results reflect.”
