Finish Line Posts Surprising Q3 Loss, Cites New Online Store
Finish Line posted "a surprise loss" for for its fiscal third quarter ended Dec. 1, "blaming a weak response to its new online store." The athletic-gear retailer reported a net loss of $107,000, or $0.01 a share, compared to a profit of $5.55M, or $0.11 a share, in the year-ago period. Sales increased 5.2% to $296.6M. The company also admitted "it had misjudged footwear trends" and, in response, said it is "reverting to its "prior e-commerce site, implementing cost controls and increasing its assortment of key basketball products." Finish Line "traditionally has been stronger in running shoes" (WSJ.com, 1/4). As of presstime, shares of Finish Line were trading at $17.32, down 9.0%.