Genesco Reports 4Q Results
Nashville, Tenn., Specialty retailer Genesco, Inc., which sells footwear, headwear and accessories primarily under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, Hat Zone and Cap Factory, reported net sales for the 14-week fourth quarter of fiscal 2007 increased 17% to $476.9 million, compared to $406.3 million for the 13-week fourth quarter of fiscal 2006. Excluding the 14th week in fiscal 2007, the sales increase from the comparable 13-week period last year was about 11%.
For the 53-week fiscal year ended Feb. 3, 2007, the company reported earnings before discontinued operations of $68.2 million, compared to $62.6 million for the year prior.
Net sales for the 53-week fiscal year 2007 increased 14% to $1.5 billion, compared to $1.3 billion for the year prior.
By brand, net sales results for the fourth quarter were: Journeys Group increased 22% to about $234 million, with same-store sales rising 6%; Hat World Group sales increased 19% to about $116 million and same-store sales declined 1%; Underground Station Group net sales were $49 million, with same-store sales declining 15%; Johnston & Murphy’s net sales increased 17% to about $57 million.
Circuit City Named World Cyber Games’ Official Retailer
New York City, International Cyber Marketing USA announced Tuesday that Circuit City Stores has been named the official entertainment, electronics and video game retailer for the World Cyber Games USA Championship Series, which includes the WCG US Open, WCG USA regional competitions, USA National Final and the WCG 2007 Grand Final in Seattle.
As a “premier partner” over the next three years, Circuit City will receive official designations, event signage, event and online advertising and brand exposure, according to Michael Arzt, senior VP and general manager of International Cyber Marketing USA, and Peter Weedfald, senior VP and chief marketing officer for Circuit City.
The World Cyber Games is the recognized blue chip leader in international video game competitions.
Cost-U-Less and Shareholders Reach Agreement
Bellevue, Wash., Cost-U-Less announced Tuesday that it has reached agreement with two shareholder groups to nominate and support John Delafield to the company’s board of directors. Cost-U-Less entered into separate letter agreements with Delafield Hambrecht, Inc., and its affiliates, and with Chadwick Capital Management and its affiliates, in which the company will support Delafield in his board bid at the 2007 annual meeting of shareholders and will submit a proposal to shareholders at the 2007 annual meeting to amend the Cost-U-Less articles of incorporation to remove the requirement that a business combination be approved by holders of at least 2/3 of the outstanding common stock under certain circumstances.
In return, the two shareholder groups agreed that through the end of 2007 they would support the slate of directors nominated by the Cost-U-Less board of directors, wouldn’t nominate any candidates or propose any other business at an annual meeting, nor present any proposals for inclusion in the Cost-U-Less proxy statement or conduct any proxy solicitations.