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Finish Line Merchandise inventories decline
04 Jan '08
3 min read
Merchandise inventories on a consolidated basis declined to $338.7 million at December 1, 2007 compared to $356.9 million at November 25, 2006. As of December 1, 2007, on a per square foot basis, consolidated inventories decreased 5%, and Finish Line store merchandise inventories decreased 3% compared to one year ago.
Mr. Alan H. Cohen, Chairman and CEO, stated, "We are implementing both operating and product initiatives to drive improvements in our business. Our customers are responding well to the new brands that we've recently introduced. Going forward, we see growth opportunities in both performance and sport style product and will continue to emphasize premium offerings as part of our efforts to differentiate Finish Line and create enthusiasm with our customers."
Year-To-Date Results:
For the thirty-nine weeks ended December 1, 2007 (YTD) the Company reported a loss from continuing operations of $9.5 million, or $.20 per diluted share versus income from continuing operations of $14.5 million, or $.30 per diluted share for the thirty-nine weeks ended November 25, 2006.
For YTD, the non-GAAP loss from continuing operations per diluted share was $.07. The non-GAAP loss from continuing operations excludes $.13 per diluted share for expenses incurred in connection with the pending merger with Genesco Inc. and the related litigation. Diluted weighted average shares outstanding were 47.2 million for YTD versus 47.9 million for YTD LY.
Net sales decreased 1.3% to $894.4 million for YTD compared to $906.2 million for YTD LY. Comparable store net sales decreased 4.1% for YTD versus a 5.8% decrease reported for YTD LY.
Mr. Alan H. Cohen, Chairman and CEO, stated, "We are implementing both operating and product initiatives to drive improvements in our business. Our customers are responding well to the new brands that we've recently introduced. Going forward, we see growth opportunities in both performance and sport style product and will continue to emphasize premium offerings as part of our efforts to differentiate Finish Line and create enthusiasm with our customers."
Year-To-Date Results:
For the thirty-nine weeks ended December 1, 2007 (YTD) the Company reported a loss from continuing operations of $9.5 million, or $.20 per diluted share versus income from continuing operations of $14.5 million, or $.30 per diluted share for the thirty-nine weeks ended November 25, 2006.
For YTD, the non-GAAP loss from continuing operations per diluted share was $.07. The non-GAAP loss from continuing operations excludes $.13 per diluted share for expenses incurred in connection with the pending merger with Genesco Inc. and the related litigation. Diluted weighted average shares outstanding were 47.2 million for YTD versus 47.9 million for YTD LY.
Net sales decreased 1.3% to $894.4 million for YTD compared to $906.2 million for YTD LY. Comparable store net sales decreased 4.1% for YTD versus a 5.8% decrease reported for YTD LY.
The Finish Line Inc
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