Robert J. Dennis, Chairman, President and Chief Executive Officer of Genesco, stated: "We delivered solid top-line growth in the third quarter, driven by better than expected sales in the Journeys Group. Sales in our other divisions, except for the Lids Sports Group, were essentially on plan.  At the Lids Sports Group, lower than planned sales caused negative expense leverage and lower gross margins, resulting in a shortfall in earnings that was not offset by the other divisions' performance. The fourth quarter has started off well, with consolidated comparable sales up 9% through December 2, 2014."

Net sales for the third quarter of Fiscal 2015 increased 8% to 23 million US dollars from 666 million US dollars in the third quarter of Fiscal 2014. Consolidated third quarter 2015 comparable sales, including same store sales and comparable e-commerce and catalog sales, increased 3%, with a 6% increase in the Journeys Group, a 1% increase in the Lids Sports Group, and flat comparable sales in the Schuh and Johnston & Murphy Groups.

Earnings from continuing operations for the third quarter of fiscal 2015 were 28.8 million US dollars, or 1.21 US dollars per diluted share, compared to earnings from continuing operations of 27.8 million US dollars, or 1.18 US dollars per diluted share, for the third quarter ended 2nd of November 2013.  According to the company, fiscal 2015 third quarter results reflect pretax items of 2.0 million US dollars, or 0.07 US dollars per diluted share after tax, including 1.0 million US dollars related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited; and 1.0 million US dollars in network intrusion expenses and asset impairment charges. They also reflect the favorable resolution of formerly uncertain tax positions taken by Schuh at the time of the acquisition, resulting in the write-off of an indemnification asset of 7.1 million US dollars and the reversal of a corresponding FIN 48 provision, with essentially no net after-tax effect on earnings for the quarter. 

Mr. Dennis also discussed the company's updated outlook: "Based on our third quarter performance and expectations for additional margin pressure in the Lids Sports Group in the fourth quarter, we are revising our full year outlook. We now expect adjusted diluted earnings per share to be in the range of 4.75 US dollars to 4.85 US dollars, compared to Fiscal 2014's adjusted earnings per share of 5.09 US dollars, down from our previously issued guidance of 5.10 US dollars to 5.20 US dollars. … This guidance assumes a comparable sales increase in the low single digit range for the full fiscal year.". Mr. Dennis concluded, "We continue to be confident in the long-term outlook for our Company and believe the actions we are taking to improve our earnings power will begin to yield positive results next year." 

The company announced recently that James S. Gulmi plans to retire from the role of Chief Financial Officer at the end of the fiscal year and that he will be succeeded as by Mimi E. Vaughn, currently the Company's Senior Vice President-Strategy and Shared Services.

Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear, sports apparel and accessories in more than 2 455 retail stores throughout the US, Canada, the United Kingdom and the Republic of Ireland, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Underground by Journeys, Schuh, Lids, Locker Room by Lids, Johnston & Murphy, and on internet websites. In addition, the company sells wholesale footwear under its Johnston & Murphy brand, the licensed Dockers brand, SureGrip, and other brands, and operates the Lids Team Sports team dealer business.