Genesco Q4 earnings rise despite pretax items

Nashville, Tenn. – A variety of pretax items, including network intrusion expenses and a lease termination, helped limit fourth quarter net earnings growth at Genesco Inc. to a level below company expectations. However, net income still rose 19% to $50.4 million from $42.15 million the same quarter in the previous fiscal year.



Net sales increased 13% to $893 million from $793 million. Same-store sales increased 10%.



"While our bottom line results for fiscal 2015 were lower than we planned, we are pleased with the health of our footwear businesses, and especially with Journeys' continuing strength,” said Robert J. Dennis, chairman, president and CEO of Genesco. “At the same time, we are confident that the Lids Sports Group's strategic potential remains considerable despite current competitive and operational issues and are focused on improving the Group's long-term profitability."



For the full fiscal year, net earnings grew 5% to $97.72 million from $92.65 million. Net sales increased 6% to $2.86 billion from $2.62 billion. Same-store sales rose 5%.



Genesco expects same-store sales increases in the 3% to 4% range for the full fiscal year.