Speciality retailer Genesco has reported earnings before discontinued operations of $35.7m for its fourth quarter, compared to $31.2m in the fourth quarter last year.

Net sales for the 14-week fourth quarter period increased 17% to $476.9m.

For the full-year 2007, the company reported earnings before discontinued operations of $68.2m, compared to $62.6m last year. Net sales for the 53-week year period increased 14% to $1.5bn compared to $1.3bn last year.

Fiscal 2007 results reflected gift card income, a favourable litigation settlement and early license termination charges, as well as asset impairment charges for underperforming stores, Genesco said.

Genesco chairman and CEO Hal N Pennington said: "We were pleased with our solid results for the fourth quarter. The Journeys Group, Johnston & Murphy Group and Dockers all outperformed expectations, although Underground Station Group and Hat World Group were affected by the ongoing softness in the urban market.

"We are implementing a number of strategies to improve the trends in these businesses; however, we expect that these businesses will continue to negatively impact our performance during the first half of fiscal 2008."

Genesco also outlined its guidance for the fiscal year ending February 2008. The company now expects sales of approximately $1.6bn and diluted earnings per share of $2.78 to $2.81 for the year, it added.