"We are pleased with the increase in first quarter profitability, which exceeded our expectations, driven by a significantly better performance from the Lids Sports Group", stated Robert J. Dennis, Chairman, President and Chief Executive Officer of Genesco, adding: "While overall comparable sales were at the lower end of our projected range, this was more than offset by a meaningful improvement in gross margin".

Net sales for the first quarter of fiscal 2017 decreased by 2% totaling 649 million US dollars (compares to 661 million US dollars in the first quarter of the previous fiscal year), primarily reflecting the divestiture of the Lids Team Sports business in January 2016.  Consolidated first quarter 2017 comparable sales, including same store sales and comparable e-commerce and catalog sales, increased by 1%, with a 1% increase in the Journeys Group, a 2% increase in the Lids Sports Group, a 5% decrease in the Schuh Group, and a 6% increase in the Johnston & Murphy Group. Comparable sales for the company reflected a 1% increase in same store sales while e-commerce sales were flat.

Genesco reported 10.6 million US dollars’ worth of earnings from continuing operations for the first quarter ended on the 30th of April (0.50 US dollars per diluted share). This compares to 9.9 million US dollars (0.42 US dollars per diluted share) in similar period last year.

"Based on our first quarter performance, we are reiterating our full year outlook taking into account some external headwinds pressuring sales and expenses". The company’s guidance assumes comparable sales increases in the 1% to 2% range for the full year.