Finish Line Q3 loss narrows
Finish Line (Nasdaq: FINL) said its third-quarter loss narrowed, helped by inventory and cost control efforts as well as its decision to pull out of its proposed Genesco acquisition.
Loss from continuing operations narrowed to $8.8 million, or $0.16 per share, from $13.8 million, or $0.29 per share. Excluding $0.12 per share for expenses related to its decision not to acquire retailer Genesco, prior-year loss from continuing operations was $0.17 per share.
For the period ended Nov. 29, revenue fell 4 percent to $256.9 million from $268.7 million.
Consolidated same-store sales dropped 3.6 percent compared with the prior-year period. Finish Line same-store sales slipped 3.3 percent, while Man Alive same-store sales declined 6.8 percent.
Merchandise inventories fell to $293.2 million from $338.7 million.
The company said its outstanding share total climbed to 53.9 million for the quarter, compared with 47.2 million shares a year ago due to a settlement related to the ending of its acquisition agreement with Genesco. Finish Line announced in March that it was bailing out of a proposed $1.5-billion bid to buy Genesco.
Brunswick cutting up to 275 jobs to combat weak market demand
Brunswick Corp. (NYSE: BC) said it will cut up to 275 jobs and idle another 300 workers at its boat plants this quarter as it continues to grapple with weak demand for its core rec boat business. Brunswick is also the parent company of Life Fitness, Hammer Strength and ParaBody fitness equipment.
Brunswick, which has been cutting costs the past several years, has said it will close nearly half of its plants before its restructuring is complete. The company did not elaborate on how the closures would affect its bottom line.
Production will wind down during the first quarter in Riverview, Tenn., with that manufacturing shifting to nearby plants in Knoxville and Vonore, Tenn. Manufacturing of other items will shift to Florida and Mexico.
About 300 production and support positions at Riverview will be affected by the company's latest actions over the coming months. Additionally, the company will cut another 275 positions throughout Sea Ray boat manufacturing and product-development facilities as well as at Sea Ray's Knoxville headquarters.
Brunswick said the final impact of the production shifts on staff was still being determined.
--Compiled by Wendy Geister
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