Finish Line Reverses Loss in 2Q
Indianapolis Growing sales helped Finish Line report a profit for the second quarter.
For the three months ending Aug. 30, Finish Line earned $13.2 million, compared with an income of $6.9 million for the 13 weeks ended Sept. 1, 2007. Meanwhile, the retailer’s revenue climbed nearly 4% to $353.3 million, up from $340 million a year ago.
Same-store sales also jumped for the quarter. The chain reported a 4.7% increase compared to a year ago. Individual banners each reported same-store increases as well. Finish Line increased its sales by 4.7% for the quarter, while its Man Alive brand’s same-store sales increased by 1.3%.
The chain credits the increases to “the continued progress we are making in the execution of our strategic merchandising plans and inventory management,” chief executive Alan H. Cohen said in a statement. “The company’s financial position remains strong as we ended the quarter with $65 million in cash, an improvement of $31 million year over year, and no interest-bearing debt.”
FTC investigating Walgreens bid for Longs
WALNUT CREEK, Calif. Longs Drug Stores has announced that the Federal Trade Commission has requested that Longs provide the FTC with documents and information in connection with Walgreens’ unsolicited, non-binding expression of interest to acquire Longs.
In the detailed 25-page request, the FTC stated that it was investigating whether Walgreens’ proposed acquisition of Longs “may substantially lessen competition among Retail Pharmacies in various portions of California, Nevada and Hawaii.” In addition, the FTC requested information regarding several markets that had not been examined in the FTC’s previous review of the proposed Longs-CVS transaction, including Longs’ operations in Hawaii and Longs’ mail order business. The FTC may add to the request as its investigation progresses. Longs intends to cooperate in the FTC’s investigation.
Whole Foods names senior vp of purchasing
AUSTIN, Texas Whole Foods Market has promoted Michael Besancon to the newly created position of senior global vp of purchasing, distribution and marketing for the company.
Starting this week, Besancon will report directly to co-presidents and coos A.C. Gallo and Walter Robb, and will be responsible for leading the development and execution of strategies for procurement, distribution and marketing of products, which includes bringing the next generation of exciting offerings to Whole Foods Market shoppers.
Besancon served as president for the Southern Pacific region for more than seven years, overseeing operations, marketing and real estate development, profitability and financial growth for stores in Southern California, Arizona, Nevada and Hawaii.