The second quarter was unkind to the Finish Line Inc., as a tardy back-to-school season kept spending at a minimum.
As a result of a $12.6 million loss, or 23 cents a share, from the discontinued operations of its Man Alive unit, Finish Line reported a second-quarter loss of $900,000, or 2 cents. During the second quarter of 2008, the Indianapolis-based company posted a $13.1 million profit, or 24 cents a share.
Same-store sales dropped 9.9 percent for the quarter, versus a 4.9 percent increase last year. Sales dipped by 11 percent to $298.7 million, from $337 million in the year-ago period.
“From a top line perspective, it was a challenging quarter,” Edward Wilhelm, Finish Line’s CFO, told Footwear News after the earnings release. “But we’re pleased with our results below the top line.”
For the first half of the year, the company’s net loss totaled $1.5 million, or 3 cents a share, compared to a profit of $14 million, or 26 cents, in the first six months of 2008. First-half sales dropped 9 percent to $557.8 million.