An extra week snuck into Genesco’s financial year ended Feb. 3, 2007, and the company’s sales were up by 14 percent to $1.5 billion for the full year. Without the extra week, sales would increased by about 12 percent. Operating earnings grew by 7.3 percent to $121.0 million, while net earnings climbed to $67,646,000 from $62,686,000 in the previous year.
On the year, the Journeys Group’s sales grew by 17.4 percent to $696.9 million. Its operating income was up by 14.3 percent to $83.8 million. The Underground Station Group’s sales fell by 5.5 percent to $155.1 million, and its operating income dropped by 64.7 percent to $3.8 million. Johnston & Murphy Group’s turnover increased by 10.0 percent to $186.9 million, and operating income grew to $15.3 million, as compared to $10.4 million in the previous year. Turnover from licensed brands, including Dockers, was up by 33.5 percent to $78.4 million and operating income from this segment increased by 62.6 percent to $6.8 million.
As of last Feb. 3, the Journeys Group had 853 retail shops, after opening 96 and closing 4 throughout the latest 12-month period. There were 768 Journeys shops, 73 Journeys Kidz shops and 12 Shi by Journeys outlets. The Underground Station Group had 223 doors after opening 11 and closing 17. There were 148 Johnston & Murphy stores, with 13 new openings during the year and 7 closings.
Genesco’s group turnover in the 4th quarter ended Feb. 3, 2007 rose by 17 percent to $476.9 million. Without an extra week in the period, sales would have been up by about 11 percent. Earnings in the 14-week period were $35.3 million, as compared to $31.2 million in the 13-week period a year ago. Operating earnings increased by 12.1 percent to $59.9 million.
Genesco was particularly pleased with the performance of Shi by Journeys, a fairly new concept. It opened the year with 12 outlets but the company thinks it has the potential to be rolled out to some 500 malls in the USA.