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Reuters
Published
Jun 25, 2009
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Finish Line posts first quarter loss

By
Reuters
Published
Jun 25, 2009

June 25 (Reuters) - Finish Line Inc (FINL.O) posted a quarterly loss on Thursday 25 June as falling sales, primarily at its Man Alive chain, hurt performance.

Finish Line

On June 22, the Indianapolis-based company said it would exit its streetwear-inspired Man Alive chain, which has been unprofitable, to focus on its namesake chain.

For the first quarter, the retailer of athletic shoes and apparel posted a net loss of $608,000 , or 1 cent per share, compared with a profit of $868,000, or 2 cents per share, a year earlier.

Analysts were expecting a loss of 1 cent a share on revenue of about $273.1 million, according to Reuters Estimates

Revenue fell 7 percent to $267.2 million in the quarter, with a 5.1 percent fall in sales at Finish Line and a 45.5 percent drop at Man Alive.

Shares of the company had closed at $7.52 Thursday 25 June on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anil D'Silva)

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