Sep 24, 2009
Finish Line posts quarterly loss
Sep 24, 2009
SAN FRANCISCO, Sept 24 (Reuters) - Finish Line Inc (FINL.O) on Thursday 24 September swung to a second-quarter net loss from a year-ago profit as its now-discontinued Man Alive chain weighed on the athletic shoe and apparel retailer.
Jordan 6ixty plus at Finish Line - Photo: www.finishline.com
Net loss in the second quarter was $874,000, or 2 cents per share, compared with year-ago net profit of $13.1 million, or 24 cents per share.
Excluding its discontinued operations, the company earned 21 cents per share, above analysts' expectations for adjusted earnings of 20 cents per share, according to Reuters Estimates.
Revenue fell 11.4 percent to $298.7 million, while same-store sales fell 9.9 percent the company said. Having fewer stores hurt revenue in the quarter.
The Indianapolis-based company exited its money-losing Man Alive chain, which sold streetwear-inspired fashion, this summer in order to focus on its namesake mall-based chain.
Shares of Finish Line closed at $9.30, down 1.3 percent or 12 cents, on the Nasdaq and fell to $9.15 in thin after-hours trading. (Reporting by Alexandria Sage; Editing by Gary Hill)
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