Finish Line Q3 profit down on lack of tax benefit
New York City — The Finish Line said Tuesday that its fiscal third-quarter net income fell 37% as a one-time leg up from a tax windfall last year was not repeated.
Net income in the three months to Nov. 27 hit $4.1 million, from $6.6 million a year ago. Last year’s tax benefit amounted to $6.4 million. Revenue rose 9% to $260.9 million, from $240.1 million. Same-store sales were up 4.5% from Nov. 28 through Dec. 19, compared with the same period a year ago.
The results were better than analysts’ estimates.
“Staying focused on the strategic plan we developed last year has again helped Finish Line deliver strong results," said chairman and CEO Glenn Lyon. "We continue to exceed our internal performance targets, yet there is more growth to come within our existing business. We believe that we can achieve annual double-digit operating margins in the future by continuing to drive the top line in our stores and by accelerating growth in e-commerce, which will become an increasingly more significant factor in our business moving forward."
Sears Canada names new CFO
TORONTO -Sears Canada announced that it has appointed Sharon Driscoll as SVP and CFO. Driscoll has held her current position with the company as SVP finance, since November of 2008.
Prior to joining Sears in 2008, Driscoll was employed with Loblaw Companies Limited, holding the position of SVP corporate development, and before that SVP finance national merchandising and SVP finance retail Ontario region.
Report: Supervalu having trouble finding buyer for Shaw’s
New York -Supervalu is having difficulty divesting its New-England-based Shaw’s chain for more than $1 billion, the Wall Street Journal reported Tuesday, and the Minnesota grocery conglomerate may be ready to take down its "for-sale" sign.
According to the report, Shaw’s has been on the block for several months with no takers. Many bids from private-equity firms actually came in below the asking price.
The 174-store Shaw’s chain was part of the $11.4 billion Albertsons buyout package in 2006. Supervalu sold off 16 Connecticut-based Shaw’s locations in February to Wakefern.