FINANCE

Finish Line posts unexpected loss in Q3

BY Katherine Boccaccio

Indianapolis — Finish Line Inc. reported Friday a loss of $107,000 for the quarter ended Dec. 1, compared with a profit of $5.55 million in the year-ago period. The unexpected swing, said the company, was due in part to a lukewarm response to Finish Line’s new online store.

Sales in the quarter climbed 5.2% to $296.6 million, missing Wall Street’s expected $296 million in revenue, and same-store sales rose 3.6%.

“The third quarter was clearly more challenging than we anticipated,” said CEO Glenn Lyon. “Sales came in below plan due primarily to a shift within athletic footwear trends and a less than favorable consumer response to the new ecommerce site we launched in mid November.”

The company, said Lyon, has reverted back to its previous e-commerce site. It has lowered its full-year earnings estimate.

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FINANCE

Walgreens December sales fall 4%

BY Katherine Boccaccio

Deerfield, Ill. — Walgreens reported Friday that sales for the month of December dipped 4% to $6.71 billion, from $6.99 billion in the year-ago period.

Total front-end sales fell 1.3% and same-store front-end sales decreased 2.3%.

Total same-store sales fell 6.1% in December.

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FINANCE

Virgin Megastore France to declare itself insolvent

BY Staff Writer

Paris — A Friday report by Reuters said that Virgin Megastore’s French division will declare insolvent next week, slated to unveil a plan to file for payments suspension on Jan. 7.

The French operation is the latest victim of the slump in CD and DVD sales.

Virgin France is owned by private equity firm Butler Capital Partners, and operates 26 Virgin-branded stores in France.

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