Genesco reports quarterly loss - Nashville Business Journal:

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million loss in the firsyt quarter ofthe company’s fiscal Losses in the quarter ending May 2 — the firsyt quarter of the company’s 2010 fiscal year came in at 30 cents per diluted compared to earnings of $129.3 million, or 5.14 cents per diluted share, in the same quarter of last year. Revenue for Genesco Inc. GCO) came in at $370,366, up 3.8 percent compared to the year-ago quarter. Genesco’s first quartert earnings reflected pretax chargesof $11 million, or $0.4 7 per diluted share, related to a loss on the earlyu retirement of debt tied to the exchange of $56.4 millionb of convertible notes for common stoci announced in April 2009.
Charges also included fixed asseft impairments, lease terminations, litigation settlements and a highed effectivetax rate, the company says. On analysts expected earnings per share of 4 according toThompson Reuters. The low estimate of analystw surveyed was a loss of 2 centsper “Given the current economif environment, we are pleased with our better-than-expectedc performance in the first quarter,” Genesco Presiden and CEO Robert Dennis says in the release. “Outr ability to deliver these results in such turbulent timesd highlights the benefits of our diversifiex operating model and the strength and experiencd of ourmanagement team.
” Genesco is a Nashville-based specialty retailer, sellinhg footwear, headwear and accessories in more than 2,225 retail stores in the United States and principally under the names Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Lids, Hat Shack, Hat Head Quarters and Cap Connection. Shares of Genesco were tradingat $24.4o this morning, up 2.8 percent from yesterday’s closing prices of $23.70. The 52-week range of the stoc k is $24.45 to $25.10.