Genesco (GCO) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Financial Contact: James S. Gulmi (615) 367-8325

Media Contact: Claire S. McCall (615) 367-8283

GENESCO REPORTS THIRD QUARTER FISCAL 2007 RESULTS
—Company Reports Third Quarter Diluted EPS of $0.62 Before Discontinued Operations—
—Increases Earnings Per Share Guidance for Fiscal 2007—

NASHVILLE, Tenn., Nov. 21, 2006 — Genesco Inc. (NYSE: GCO) today reported earnings before discontinued operations of $16.0 million, or $0.62 per diluted share, for the third quarter ended October 28, 2006. Earnings before discontinued operations were $16.2 million, or $0.62 per diluted share, for the third quarter ended October 29, 2005. Earnings before discontinued operations for the third quarter of this year reflected SFAS 123(R) share-based compensation and restricted stock expense of $1.7 million before taxes, or $0.04 per diluted share. Earnings from the third quarter last year reflected income of $0.8 million, or $0.02 per diluted share, primarily from an excess litigation provision. Net sales for the third quarter of fiscal 2007 increased 15% to $364 million compared to $316 million for the third quarter of fiscal 2006.

     Genesco Chairman and Chief Executive Officer Hal N. Pennington, said, “Our better than expected third quarter results were driven by excellent performances at Journeys and Journeys Kidz, Johnston & Murphy and Dockers. While we expect the Underground Station business to remain challenging in the fourth quarter, our confidence that the strength we have seen in these other businesses will continue in the Holiday selling season is reflected in our increased earnings guidance for the full fiscal year.

     “Net sales at Journeys Group increased 20% to approximately $184 million, same store sales rose 9% and footwear unit comps increased 18% in the third quarter. As expected, many of the same

trends that produced success in the second quarter continued through Back-to-School. Journeys Kidz again reported strong growth, with sales up 55% and comparable store sales up 9%. Additionally, we remain pleased with the performance of Shi by Journeys. We feel very good about our merchandise assortment and the continuing momentum of the entire Journeys’ group as we look forward to the Holiday selling season.

     “Net sales at Hat World Group increased 13% to approximately $78 million and same store sales declined 1%, primarily reflecting weakness in Hat World stores serving the urban markets. We are forecasting a modest comparable sales improvement in the fourth quarter and we remain on track to open 101 new stores, representing a 14% increase in the store base, in the fiscal year. Hat World remains a high margin, highly profitable business with significant expansion opportunities and we remain very excited about its potential.

     “Net sales for the Underground Station Group, which includes the Jarman stores, were $35 million and same store sales declined 11% in the third quarter. Same store sales at Underground Station fell 11% primarily due to continued weakness in men’s athletic and urban markets in general. Our fourth quarter expectations do not reflect an improvement in the Underground Station business. Longer term, Underground Station is working to improve its women’s product offering and non-footwear assortment.

     “Johnston & Murphy Group’s net sales increased 14% to approximately $44 million. Wholesale sales increased 25% and same store sales rose 6%. Johnston & Murphy’s expanded dress and dress casual collection continues to gain retail shelf space and both footwear and non-footwear products are performing extremely well in the Johnston & Murphy stores. Sales growth and gross margin improvement combined to double operating margin compared to last year.

     “Third quarter sales of licensed brands increased 31% to approximately $23 million. The entire Dockers’ Footwear product line is retailing well and backlog is strong.”

     Genesco said that it is raising its earnings per share guidance for the year ending February 3, 2007. The Company now expects sales of approximately $1.45 billion and diluted earnings per share of $2.55 to $2.57 for the year. For the fourth quarter, the Company expects sales of approximately $467 million to $470 million. It reiterated its previously announced expectation for fourth quarter earnings in the range of $1.29 to $1.31 per diluted share. The earnings per share

estimates include expected SFAS 123(R) share-based compensation and restricted stock expense totaling approximately $0.17 per share for the year and $0.05 per share for the fourth quarter.

     This release contains forward-looking statements, including those regarding the Company’s sales and earnings outlook and all other statements not addressing solely historical facts or present conditions. Actual results could vary materially from the expectations reflected in these statements. A number of factors could cause differences. These include weakness in consumer demand for products sold by the Company, fashion trends that affect the sales or product margins of the Company’s retail product offerings, changes in the timing of holidays or in the onset of seasonal weather affecting period to period sales comparisons, changes in buying patterns by significant wholesale customers, disruptions in product supply or distribution, further unfavorable trends in foreign exchange rates and other factors affecting the cost of products, and competition in the Company’s markets. The effects of any demand-related factors in the Holiday selling season could be particularly significant to the Company’s business. Additional factors that could affect the Company’s prospects and cause differences from expectations include the ability to open, staff and support additional retail stores on schedule and at acceptable expense levels and to renew leases in existing stores on schedule and at acceptable expense levels, variations from expected pension-related charges caused by conditions in the financial markets, and the outcome of litigation and environmental matters involving the Company. Forward-looking statements reflect the expectations of the Company at the time they are made. The Company disclaims any obligation to update such statements.

     The Company’s live conference call on November 21, 2006, at 7:30 a.m. (Central time) may be accessed through the Company’s internet website, www.genesco.com. To listen live, please go to the website at least 15 minutes early to register, download and install any necessary software.

     Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear and accessories in more than 1,900 retail stores in the United States and Canada, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Zone, Cap Factory, Head Quarters and Cap Connection, and on internet websites www.journeys.com, www.journeyskidz.com, www.undergroundstation.com, www.johnstonmurphy.com, www.lids.com, www.hatworld.com, and www.lidscyo.com. The

     Company also sells footwear at wholesale under its Johnston & Murphy brand and under the licensed Dockers brand. Additional information on Genesco and its operating divisions may be accessed at its website www.genesco.com.

GENESCO INC.

Consolidated Earnings Summary

	Three Months Ended						Nine Months Ended
	October 28,			October 29,			October 28,			October 29,
In Thousands	2006			2005			2006			2005
Net sales	$	364,298		$	316,336		$	983,617		$	877,589
Cost of sales		182,844			154,825			487,404			430,567
Selling and administrative expenses		150,992			133,225			433,477			385,429
Restructuring and other, net		1,083			(789	)		1,672			2,255
Earnings from operations		29,379			29,075			61,064			59,338
Interest expense, net		2,948			2,669			7,022			7,941
Earnings before income taxes from continuing operations		26,431			26,406			54,042			51,397
Income tax expense		10,456			10,168			21,457			19,967
Earnings from continuing operations		15,975			16,238			32,585			31,430
Provision for discontinued operations		(98	)		(95	)		(287	)		(30	)
Net Earnings	$	15,877		$	16,143		$	32,298		$	31,400

Earnings Per Share Information

	Three Months Ended				Nine Months Ended
	October 28,		October 29,		October 28,		October 29,
In Thousands (except per share amounts)	2006		2005		2006		2005
Preferred dividend requirements	$	64	$	67	$	192	$	209
Average common shares — Basic EPS		22,284		22,797		22,771		22,675
Basic earnings per share:
Before discontinued operations	$	0.71	$	0.71	$	1.42	$	1.38
Net earnings	$	0.71	$	0.71	$	1.41	$	1.38
Average common and common equivalent shares — Diluted EPS		26,624		27,346		27,111		27,106
Diluted earnings per share:
Before discontinued operations	$	0.62	$	0.62	$	1.26	$	1.22
Net earnings	$	0.62	$	0.61	$	1.25	$	1.22

GENESCO INC.

Consolidated Earnings Summary

	Three Months Ended						Nine Months Ended
	October 28,			October 29,			October 28,			October 29,
In Thousands	2006			2005			2006			2005
Sales:
Journeys Group	$	184,391		$	153,109		$	462,560		$	400,881
Underground Station Group		34,981			38,395			105,854			110,417
Hat World Group		77,503			68,330			226,697			199,532
Johnston & Murphy Group		44,467			38,981			130,414			121,497
Licensed Brands		22,844			17,457			57,759			45,065
Corporate and Other		112			64			333			197
Net Sales	$	364,298		$	316,336		$	983,617		$	877,589
Operating Income (Loss):
Journeys Group	$	25,260		$	21,551		$	46,346		$	42,270
Underground Station Group		(631	)		1,965			27			3,900
Hat World Group		7,710			7,615			22,334			22,355
Johnston & Murphy Group		3,193			1,404			8,500			6,352
Licensed Brands		2,326			1,781			5,390			3,545
Corporate and Other*		(8,479	)		(5,241	)		(21,533	)		(19,084	)
Earnings from operations		29,379			29,075			61,064			59,338
Interest, net		2,948			2,669			7,022			7,941
Earnings before income taxes from continuing operations		26,431			26,406			54,042			51,397
Income tax expense		10,456			10,168			21,457			19,967
Earnings from continuing operations		15,975			16,238			32,585			31,430
Provision for discontinued operations		(98	)		(95	)		(287	)		(30	)
Net Earnings	$	15,877		$	16,143		$	32,298		$	31,400

* Includes $1.1 million and $1.7 million of other charges in the third quarter and nine months of Fiscal 2007, respectively, for asset impairment and lease terminations. Includes $0.1 million and $0.6 million of other charges for asset impairment and lease terminations in the third quarter and nine months of Fiscal 2006, respectively, and a $0.9 million credit due to a favorable adjustment to a litigation settlement in the third quarter of Fiscal 2006 and a $1.7 million charge for a litigation settlement for the nine months of Fiscal 2006.

GENESCO INC.

Consolidated Balance Sheet

	October 28,		October 29,
In Thousands	2006		2005
Assets
Cash and cash equivalents	$	18,638	$	33,398
Accounts receivable		24,401		22,738
Inventories		344,309		292,798
Other current assets		33,122		26,011
Total current assets		420,470		374,945
Property and equipment		213,974		181,630
Other non-current assets		158,111		159,130
Total Assets	$	792,555	$	715,705
Liabilities and Shareholders’ Equity
Accounts payable	$	135,614	$	115,993
Current portion — long-term debt		—		—
Other current liabilities		62,862		62,671
Total current liabilities		198,476		178,664
Long-term debt		158,250		151,250
Other long-term liabilities		78,722		74,076
Shareholders’ equity		357,107		311,715
Total Liabilities and Shareholders’ Equity	$	792,555	$	715,705

GENESCO INC.

Retail Units Operated — Nine Months Ended October 28, 2006

	Balance									Balance									Balance
	01/29/05		Open		Conv			Close		01/28/06		Open		Conv			Close		10/28/06
Journeys Group		695		71		0			5		761		71		0			3		829
Journeys		654		60		0			4		710		44		0			3		751
Journeys Kidz		41		10		0			1		50		18		0			0		68
Shi by Journeys		0		1		0			0		1		9		0			0		10
Underground Station Group		229		21		0			21		229		10		0			10		229
Underground Station		165		21		2			8		180		10		3			0		193
Jarman Retail		64		0		(2	)		13		49		0		(3	)		10		36
Hat World Group		552		96		0			7		641		83		0			6		718
Johnston & Murphy Group		142		5		0			5		142		11		0			4		149
Shops		107		4		0			4		107		6		0			3		110
Factory Outlets		35		1		0			1		35		5		0			1		39
Total Retail Units		1,618		193		0			38		1,773		175		0			23		1,925

Retail Units Operated — Three Months Ended October 28, 2006

	Balance									Balance
	07/29/06		Open		Conv			Close		10/28/06
Journeys Group		806		25		0			2		829
Journeys		736		17		0			2		751
Journeys Kidz		64		4		0			0		68
Shi by Journeys		6		4		0			0		10
Underground Station Group		231		3		0			5		229
Underground Station		189		3		1			0		193
Jarman Retail		42		0		(1	)		5		36
Hat World Group		685		34		0			1		718
Johnston & Murphy Group		148		4		0			3		149
Shops		109		3		0			2		110
Factory Outlets		39		1		0			1		39
Total Retail Units		1,870		66		0			11		1,925

Constant Store Sales

	Three Months Ended						Nine Months Ended
	October 28,			October 29,			October 28,			October 29,
	2006			2005			2006			2005
Journeys Group		9	%		5	%		5	%		6	%
Underground Station Group		-11	%		9	%		-7	%		9	%
Underground Station		-11	%		13	%		-6	%		12	%
Jarman Retail		-10	%		-5	%		-10	%		0	%
Hat World Group		-1	%		1	%		0	%		4	%
Johnston & Murphy Group		6	%		5	%		2	%		6	%
Shops		7	%		6	%		2	%		6	%
Factory Outlets		3	%		5	%		-1	%		5	%
Total Constant Store Sales		4	%		6	%		2	%		7	%