Genesco Reports Comparable Sales

                       Genesco Reports Comparable Sales

--Expects FY 2013 Earnings Per Share Within Previously-Announced Guidance

--Announces Participation in 15th Annual ICR XChange Conference--

PR Newswire

NASHVILLE, Tenn., Jan. 15, 2013

NASHVILLE, Tenn., Jan. 15, 2013 /PRNewswire/ -- Genesco Inc. (NYSE: GCO)
announced today that same store sales for the quarter-to-date period ended
January 12, 2013, declined 2% from the equivalent period last year, when same
store sales increased 13%. Sales for the Company's e‑commerce and catalog
direct sales businesses increased 17% in the quarter-to-date period ended
January 12, 2013, on a comparable basis.  Comparable sales, including both
stores and direct sales, decreased 1% for the quarter-to-date period this
year, compared to a 13% increase for the same period last year. Comparable
sales changes for each retail segment and the total Company for the period
were as follows:

Quarter-to-Date (Jan. 12, 2013)
                                        Comparable   Comparable Sales

                        Same-store Sales Direct Sales (Stores and Direct)
Journeys Group          2%               13%          2%
Schuh Group             7%               14%          8%
Lids Sports Group       -12%             31%          -10%
Johnston & Murphy Group -1%              9%           1%
Total Genesco           -2%              17%          -1%

Based on quarter-to-date results and current trends, the Company's adjusted
earnings per diluted share expectations for the fiscal year ending February 2,
2013, now range from the low end to the middle of the upwardly revised
guidance range of $5.00 to $5.08 announced by the Company on November 30,

Robert J. Dennis, chairman, president and chief executive officer of Genesco,
said, "Comparable sales for the quarter to date reflect the success of our
continuing efforts to integrate our retail store and e‑commerce operations.
Because of these efforts, we believe that total comparable sales (including
same store sales and comparable direct sales) has become a more accurate
measure of our retail performance than same store sales alone, and we intend
to report the combined number in the future. The e-commerce and catalog
channels in our retail businesses posted comparable sales gains that were
large enough to improve the overall sales comparison for the Company in the
quarter to date by more than a full percentage point compared to stores alone.
The comparable sales trend so far in January has strengthened, but the planned
two-week delay in the commencement of federal tax refunds recently announced
by the IRS will likely shift some significant portion of sales from the last
week of January into the first quarter of the new fiscal year. Partly as a
result of this sales shift, we now expect adjusted earnings per share from the
low end to the middle of our most recently announced guidance range for the
year. We are comfortable with inventory levels, with seasonal merchandise in
all our businesses liquidating on schedule.

"We expect an overall solid performance for the year despite ongoing weakness
in the Lids Sports Group's sales, attributable to the temporary challenges we
discussed in conjunction with our third-quarter earnings announcement, and
despite considerable macroeconomic headwinds. We remain confident in our
strategies and in the continuing commitment of our entire team to excellence
in executing them."

The Company's adjusted earnings per share expectations do not reflect expected
non-cash asset impairments and other charges, including retail store fixed
asset impairments expected to be approximately $0.04 per diluted share for the
fiscal year and any adjustment to the carrying value of goodwill associated
with the Company's team sports business required by an assessment of the
realization of such value which the Company intends to perform as of the end
of Fiscal 2013, as discussed in its quarterly report on Form 10-Q for the
quarter ended October 27, 2012. They also do not reflect compensation expense
associated with deferred purchase price for the acquisition of the Schuh Group
in June 2011, which is required to be expensed because payment is contingent
on continued employment of the payees, expected to be approximately $0.50 per
diluted share for the fiscal year. Finally, they do not reflect any expense
associated with the criminal intrusion into the portion of the Company's
computer network that processes payments for transactions in certain of its
retail stores, announced by the Company in December 2010, including any
provision related to the approximately $15.6 million in assessments by the
major payment card companies, previously disclosed by the Company. The Company
has been advised that payment card companies have withheld or intend to
withhold payment card receivables due to the Company to satisfy their
assessments. The Company intends to contest any such action vigorously,
including through litigation to recover the withheld payment card receivables
if necessary. The Company believes that providing an adjusted earnings per
share estimate not reflecting these items will benefit investors by
facilitating comparison with the Company's previously announced expectations,
which also excluded these items. Additionally, the Company believes that the
presentation of earnings from continuing operations before the compensation
expense associated with the Schuh deferred purchase price will enable
investors to understand the effect attributable to incorporating continuing
employment conditions into the obligation to pay deferred purchase price. A
reconciliation of the adjusted earnings per share estimates with the diluted
earnings per share estimates calculated in accordance with U.S. Generally
Accepted Accounting Principles is included as Schedule A to this press

Genesco plans to announce its fourth quarter and fiscal year 2013 results on
March 8, 2013.

Genesco also announced that management will present at the 15th Annual ICR
XChange Conference on Wednesday, January 16, 2013, at 10:40 a.m. (Eastern
Standard Time). The audio portion of the presentation will be webcast live
and may be accessed through the Company's internet website, To listen, please go to the website at least 15
minutes early to register, download and install any necessary software.

Cautionary Note Concerning Forward-Looking Statements
This release contains forward-looking statements, including those regarding
the earnings outlook for the Company for the fourth quarter and fiscal year
ending February 2, 2013. Actual results could vary materially from the
expectations reflected in these statements. A number of factors could cause
differences. These include developments that have a negative effect on sales
or earnings for the balance of the fiscal year, year-end adjustments to
estimates reflected in the expectations, or developments that increase the
costs or liabilities expected to be incurred or recognized in the fourth
quarter. Additional factors are cited in the "Risk Factors," "Legal
Proceedings" and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" sections of, and elsewhere, in our SEC filings,
copies of which may be obtained from the SEC website,, or by
contacting the investor relations department of Genesco via our website, Many of the factors that will determine the outcome of the
subject matter of this release are beyond Genesco's ability to control or
predict. Genesco undertakes no obligation to release publicly the results of
any revisions to these forward looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events. Forward-looking statements reflect the expectations of
the Company at the time they are made. The Company disclaims any obligation to
update such statements.

About Genesco Inc.
Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear,
sports apparel and accessories in more than 2,440 retail stores throughout the
U.S., Canada, the United Kingdom and the Republic of Ireland, principally
under the names Journeys, Journeys Kidz, Shi by Journeys, Underground by
Journeys, Schuh, Lids, Lids Locker Room, Johnston & Murphy, and on internet
websites,,,,,,,,,, , and 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. For more information on Genesco and
its operating divisions, please visit

Genesco Inc.
Adjustments to Forecasted Earnings from Continuing Operations
Fiscal Year Ending February 2, 2013
In Thousands (except per        High Guidance            Low Guidance
share amounts)
                                Fiscal 2013              Fiscal 2013
Forecasted earnings from        $  120,562   $      $ 118,849   $   
continuing operations                         5.01                  4.93
Adjustments: (1)
Impairment                      1,000          0.04      1,000       0.04
Deferred payment - Schuh        11,965         0.50      11,965      0.50
Lower effective tax rate        (11,347)       (0.47)    (11,347)    (0.47)
Adjusted forecasted earnings    $  122,180   $      $ 120,467   $   
from continuing operations (2)                 5.08                  5.00
(1) All adjustments are net of tax where applicable. The forecasted tax rate
for Fiscal 2013 is approximately 37%

 excluding a FIN 48 discrete item of $0.4 million.
(2) Reflects 24.1 million share count for Fiscal 2013 which includes common
stock equivalents.
This reconciliation reflects estimates and current expectations of future
results. Actual results may varymaterially from these expectations and
estimates, for reasons including those included in the discussionof
forward-looking statements elsewhere in this release. The Company disclaims
any obligation to updatesuch expectations and estimates.

SOURCE Genesco Inc.

Contact: Financial Contact: James S. Gulmi, +1-615-367-8325; Media Contact:
Claire S. McCall, +1-615-367-8283
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