ATLANTA — Sales have continued to spiral downward for The Finish Line. The Indianapolis-based retailer said on Thursday that consolidated net sales from continuing operations in the fourth quarter, ended March 1, fell 10 percent to $382.8 million from $425.7 million a year ago.
The retailer, which has 697 Finish Line stores and 94 Man Alive stores, will report earnings on March 27 after the market closes, according to Kevin Wampler, executive vice-president and CFO. But Finish Line ended the first three quarters with a loss of $13.8 million, reported Jan. 3, 2008.
Finish Line comp-store sales declined 5.4 percent in the 13-week period against the 14-week period in 2007, while Man Alive comp-store sales decreased 14.2 percent.
For the year, consolidated net sales from continuing operations slumped 4 percent to $1.277 billion from $1.332 billion in the previous year. Finish Line comp store sales fell 4.5 percent for the year, while Man Alive comp store sales dropped 8.8 percent.
Finish Line ended its pending $1.5 billion acquisition of Genesco this week, and will pay the Nashville-based retailer $39 million and issue about 12 percent of its Class A common stock to Genesco as part of a lawsuit settlement.