CORRECTED - CORRECTED-UPDATE 1-Genesco posts Q1 profit, excluding charges

(Corrects to remove incomplete reference to 2010 outlook in text)

* Q1 adj. earnings $0.17/shr

* Q1 rev rose 4 pct to $370 mln

* Journeys Group, Hat World drive strong results

* Backs fiscal 2010 profit view of $1.70-$1.80/shr

May 28 (Reuters) - Shoe and hat retailer Genesco Inc (GCO.N) posted a first-quarter profit, excluding one-time charges, helped by strong sales in two segments and improved cost controls.

Genesco, which also backed its 2010 profit outlook, said its Journeys Group and Hat World segments saw increased comparable store sales in the quarter, offsetting weakness at its Johnston & Murphy and Underground Station units.

Inventories rose 5 percent from the year-ago quarter but the company said it continues to focus aggressively on inventory management.

For the first quarter ended May 2, the Nashville, Tennessee-based retailer posted a loss of $5.8 million, or 31 cents a share, compared with a profit of $129.3 million, or $5.14 a share, a year ago. Revenue rose to $370 million.

Excluding charges related to a loss on the early retirement of debt, asset impairment, lease terminations, litigation settlements and a higher effective tax rate, the company said it earned 17 cents a share in the quarter.

Sales at stores open at least a year rose 2 percent, driven by comparable store sales increases of 3 percent at Journeys and 7 percent at Hat World.

Shares of the company were trading at $24.50 before the bell Thursday. They closed at $23.70 Wednesday on the New York Stock Exchange. (Reporting by Mihir Dalal in Bangalore; Editing by Anthony Kurian)