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Finish Line Merchandise inventories decline
04
Jan '08
The Finish Line Inc announced results for the third quarter representing the thirteen weeks ended December 1, 2007.

Third Quarter Results:
For the third quarter, the Company reported a loss from continuing operations of $13.8 million, or $.29 per diluted share versus a loss from continuing operations of $1.8 million, or $.04 per diluted share for the thirteen weeks ended November 25, 2006.

For Q3, the non-GAAP loss from continuing operations per diluted share was $.17. The non-GAAP loss from continuing operations excludes $.12 per diluted share for expenses incurred in connection with the pending merger with Genesco Inc. and the related litigation.

A reconciliation of loss from continuing operations per diluted share on a GAAP basis to loss from continuing operations per diluted share excluding these expenses, a non-GAAP financial measure, is found in the table at the end of the release. Diluted weighted average shares outstanding were 47.2 million for Q3 versus 46.9 million for Q3 LY.

Net sales decreased 4.0% to $268.7 million for Q3 compared to $280.0 million reported for Q3 LY. Comparable store net sales decreased 3.6% for Q3 as compared to the 3.3% decrease reported for Q3 LY. As noted in our December 6, 2007 sales release, due to the shift of one week in the retail calendar resulting from last year's 53-week year, Q3 LY included approximately $6.7 million of additional sales due to an additional week of the "Back to School" selling season.


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