ATLANTA — The Finish Line, Inc. said Thursday that it is disappointed with second quarter fiscal 2008 financial results at Genesco Inc. and is evaluating its decision to acquire the retail and footwear company. The deal is expected to close sometime this fall.
Genesco reported a $2.9 million loss, or 13 cents per diluted share, before discontinued operations for the quarter ended August 4. Results included $5.5 million pretax, or approximately 13 cents per diluted share, in expenses related to the proposed merger, retail store asset impairment charges and costs related to closing under-performing stores. In the 2006 second quarter, Genesco reported earnings before discontinued operations of $5.9 million, or 24 cents per diluted share.
Net sales increased 8 percent to approximately $328 million from $304 million. Same store sales fell 7 percent at Journeys Group and 23 percent at Underground Station Group. Genesco blamed the weak urban market, a difficult Nike comparison and continued softness in the athletic category for Underground Station’s same-store sales plummet.
The Finish Line’s statement said, “Consistent with its responsibilities to The Finish Line’s shareholders, the company is evaluating its options in accordance with the terms of the merger agreement.” The company declined further comment.
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