Finish Line Reports 3Q Loss
Indianapolis Finish Line reported a loss from continuing operations of $8.8 million for the third quarter ended Nov. 29, 2008, compared to a loss of $13.8 million in the year-ago period.
For the quarter’s 13 weeks, Finish Line’s net sales decreased 4.4% to $256.9 million, compared to $268.7 million for the same period a year ago. Same-store sales slipped 3.6%.
However, Glenn Lyon, CEO, was proud of the company’s performance.
“We continued making progress on our strategic plan of controlling expenses, managing our inventory investments, and maintaining our market position,” he said. “In today's volatile retail marketplace, having a strong balance sheet is critical to success.”
Finish Line has no interest-bearing debt. It carries $55 million in cash and short-term investments, “which gives us confidence that we can continue to succeed even during the toughest of economic times,” Lyon said.