Finish Line stores drive higher product margins

28 Mar '08

3 min read

Diluted weighted average shares outstanding were 47,251,000 for Q4 versus 47,557,000 shares outstanding for Q4 LY.

Consolidated net sales from continuing operations were $382.8 million for Q4 compared to $425.7 million reported for Q4 LY. Comparable store net sales decreased 6.0% for Q4 as compared to the 5.4% comparable store sales decrease reported for Q4 LY.

Mr. Alan H. Cohen, Chairman and CEO, stated, "Our fourth quarter sales reflected the challenging environment for retail in general. In the Finish Line stores we did not meet our sales expectations, but did drive higher product margins and ended the year with inventory down 4% on a per square foot basis.

We continued our focus on a premium product presentation being the best in class, trend right, and the customers' first choice for the brands and products we carry. Our product presentation continues to evolve and improve in both athletic performance and sport style product. As we begin the new fiscal year, our financial position remains strong with a current net cash balance of over $50 million after completing payment of our portion of the Genesco settlement agreement."

Full Year Results:
For Fiscal 2008, the Company reported a net loss from continuing operations of $48.1 million or $1.02 per diluted share as compared to income from continuing operations of $40.3 million or $.84 per diluted share for Fiscal 2007.

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