FINANCE

Finish Line swings to Q3 profit, beats Street

BY Dan Berthiaume

Indianapolis — Finish Line reported net earnings of $1.59 million in the third quarter of fiscal 2014, a return to profitability after reporting a net loss of $809,000 in the same period of the prior fiscal year.

Consolidated net sales were $364.5 million, up about 23% from $296.6 million and ahead of the $353 million projected by Wall Street.

Same-store sales grew 7.1%, helping to produce the retailer’s successful results. For fiscal year 2014, Finish Line now expects same-store sales to increase approximately 3%-4% compared to its previous expectation for a low single digit increase.

“We are very pleased with the top and bottom line performance we delivered in the third quarter,” said chairman and CEO Glenn Lyon. “Our commitment to developing a premier omni-channel platform is strengthening both our customer relationships and our brand partnerships while also reinforcing our market leadership position. We are continually adapting and refining our strategies in this rapidly evolving retail landscape to ensure we meet the needs of today’s empowered consumer. Finish Line is on the right strategic course and is well-positioned to deliver on our near and longer term goals.”

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News

Oracle exec joins 1010data

BY CSA STAFF

Big data discovery and data sharing firm 1010data, Inc., named former Oracle exec Richard Michalec as its AVP of retail strategy and strategic accounts.

Michalec previously served as global vp for retail industries at Oracle where he spent 14 years and led efforts between the companys field sales teams and global customers. In his new role at 1010data, Michalec’s expertise in developing strategic solutions for leading retail brands will be central to his responsibilities as will executing the company’s vision of data-driven retailing and enhanced collaboration between retailers and their suppliers.

“1010data is excited to welcome such a highly respected and renowned retail expert as Michalec to its team,” said Sandy Steier, CEO of 1010data. “Richard understands how technology can propel retailers to increased success and greater customer loyalty. Richard’s experience working with companies such as Nordstrom, Walmart, Starbucks, and Gap will prove invaluable to the company as we work to help retailers realize the benefits cloud-based Big Data analytics offer up and down the retail value chain.”

Michalec’s tenure at Oracle coincided with the company’s push across the retail industry landscape. He was directly involved in helping Oracle expand its software portfolio and strategically target market segments as the company became the retail industry’s largest software vendor. In addition to his executive roles at Oracle, Michalec spent 16 years at Unisys Corporation, where he held a number of high-level positions in sales, pre-sales, marketing, product management, and business development.

“I am proud to be helping to drive the adoption of 1010data’s capabilities and innovations that were first created for Wall Street and are now available for Main Street,” Michalec said. “1010data has incredible technology and world-class data scientists. Their innovative uses of both external and internal datasets are delivering the solutions and insights that are so badly needed by today’s consumer industries. I am excited to be a part of a proven offering in the industry that is my passion.”

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REAL ESTATE

RadioShack opens Penn Station pop-up

BY Dan Berthiaume

Fort Worth, Texas — RadioShack has opened its newest Manhattan location as a pop-up concept store at Penn Station. The limited-time-only location is the third RadioShack pop-up store to open in Manhattan.

In addition, RadioShack has opened a total of eight concept stores in the Manhattan area. The newest pop-up opened five days after construction began.

"New York is a critical market for us as we reinvigorate the RadioShack brand," said Joe Magnacca, CEO of RadioShack. "We debuted our new store format here in June at Broadway and 81st Street, and we continue to launch our new interactive concept stores in the city as a way to introduce not only New Yorkers, but visitors from across the country and around the world to the new RadioShack."

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