LIDS Sports Completes Sports Avenue Acquisition
NASHVILLE, Tenn., Oct. 11 /PRNewswire-FirstCall/ -- Genesco Inc. (NYSE: GCO) announced that its Hat World subsidiary, which operates the LIDS Sports business, has completed its previously announced acquisition of the assets of Sports Avenue and related entities. Sports Avenue operates 48 retail stores across the United States and 12 ecommerce sites, selling officially licensed NFL, NCAA, MLB, NBA, NHL and NASCAR headwear, apparel and accessories, and had revenues of approximately $42 million for its most recent fiscal year.
LIDS Sports President Kenneth Kocher said, "Sports Avenue represents an important addition to our growing LIDS Locker Room fan shop business. Not only does it add a significant number of stores and websites to our base, but it also takes us into new strategic territory with several licensed, single-team shops."
Genesco Chairman, President and Chief Executive Officer Robert J. Dennis added, "The Sports Avenue acquisition further strengthens our leadership in the licensed sports merchandise market, broadening our base in support of our mission to make LIDS Sports the first brand sports fans think of as a resource in connection with both the teams they play for and the teams they root for."
Cautionary Note Concerning Forward-Looking StatementsThis release contains forward-looking statements, including those regarding expectations for the performance of the Sports Avenue business 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 factors include all those affecting the Company's or its subsidiaries' business and financial condition generally, including consumer and wholesale customer demand and ability to pay for the Company's product offerings, disruptions or cost increases affecting product supply or distribution, and the outcome of litigation, investigations and environmental matters involving the Company. Other factors that could change expected outcomes include the Company's ability to integrate Sports Avenue's operations as planned and the continued performance of Sports Avenue as planned. 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, www.sec.gov, or by contacting the investor relations department of Genesco via our website, www.genesco.com. Many of the factors that will determine the outcome of matters addressed by forward-looking statements are beyond Genesco's ability to control or predict. 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 LIDS Sports LIDS Sports is comprised of three businesses – the LIDS retail headwear stores, the LIDS Locker Room specialty fan retail chain, and the LIDS Team Sports wholesale team sports business--operated by Hat World, Inc. The two retail businesses make up more than 900 mall-based, airport, street level and factory outlet locations nationwide, and in Canada and Puerto Rico. LIDS retail stores offer officially-licensed and branded college, major professional sports teams, as well as other specialty fashion categories all in the latest styles and colors. The company also operates smaller headwear retail brands Hat World and Hat Shack. LIDS Locker Room is a mall-based retailer of sports headwear, apparel, accessories, and novelties, and also operates Sports Fan-Attic stores. Most LIDS and LIDS Locker Room stores also offer custom embroidery capability. In addition, licensed LIDS stores operate in Hong Kong and China. LIDS Team Sports is a full service team uniform and apparel dealer, custom screen printer, embroidery and sporting goods distributor. LIDS Sports also operates Internet sites including www.lids.com, www.lids.ca and www.lidsteamsports.com. Hat World, Inc. is a subsidiary of Genesco Inc. About Genesco Inc. Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear and accessories in more than 2,260 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 Shack, Hat Zone, Head Quarters and Cap Connection, and on internet websites www.journeys.com, www.journeyskidz.com, www.shibyjourneys.com, www.undergroundstation.com, http://www.johnstonmurphy.com, www.dockersshoes.com, www.lids.com and www.lids.ca. 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. SOURCE Genesco Inc.
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