Finish Line Accelerates in 4Q, Year
Indianapolis, The Finish Line Inc. reported a 33% increase in net income to $28.2 million in its fourth quarter. The improvement came on an 18% sales gain to $361.4 million and same-store sales growth of 8%.
For the year, the retailer posted net income of $61.3 million, up 29.6% from the year before. Net sales rose 18% to $1.17 billion on a 9% increase in same-store sales.
Australia’s Foodland Up For Sale
Melbourne, Australia, Australian grocer Foodland Associated Ltd. put itself up for sale after Metcash Trading Ltd. made a hostile bid for the company, according to a Wall Street Journal report. Foodland is in discussions with several other suitors.
Foodland may consider selling its New Zealand assets separately. The grocer previously had announced plans to spin off its plum New Zealand business by August. Australian retail bruisers Coles Myer Ltd. and Woolworths Ltd. are rumored to be interested in Foodland’s New Zealand business, but both have declined comment.
Ultimate Electronics Plans Closings
Denver, Ultimate Electronics plans about 30 store closings, about half the number of its total store count of 62. The chain will leave markets in Iowa, South Dakota, Texas and Utah and Kansas City, Missouri, when the closings are completed by June 30. About 900 employees will lose their jobs through the closings, and another 65 employees of the central office will be terminated.