Losses widen at Finish Line
It’s not been the best start to the New Year for The Finish Line, Inc. having been ordered to complete its merger with Genesco earlier this week, despite having tried to pull out of the deal, the retailer has now reported less than positive financial results itself.
The company’s losses widened significantly in the third quarter to reach $13.8 million, compared with a loss of $1.8 million in the comparable period of 2006, while net sales fell a further 4% to $268.7 million, down from $280 million.
However, despite the negative results, chairman and chief executive, Alan Cohen, remained positive. He 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."
