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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Finish Line Inc. reported today that its sales fell 4.4 percent to $257 million in the third quarter, but the locally based athletic retailer still managed to reduce its inventories and narrow a quarterly loss compared to the same period last year.
Same-store sales fell 3.3 percent for the chain of 700 stores in 47 states. Sales were weaker at Finish Line’s 93-store Man Alive division, where comparable-store sales dropped by 6.8 percent.
The company reported a loss of $8.8 million for the quarter ended Nov. 29, compared to a loss of $13.8 million for the same period in 2007. The loss of 16 cents per diluted share was larger than the 13 cents analysts had expected.
Inventories fell from $339 million in December 2007 to $293 million in November 2008.
Most retailers are facing strong headwinds thanks to the recession, but executives at Finish Line say a strong balance sheet will help the chain survive as others struggle.
“Finish Line has no interest bearing debt and $55 million in cash and short-term investments, which gives us confidence that we can continue to succeed even during the toughest of economic times,” CEO Glenn S. Lyon said in a statement.
Finish Line shares closed today at $5.38, off more than 9 percent.
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