The new concept is a multi-product approach to showcasing Nike goods, said Chairman and CEO Alan H. Cohen. "The store will have a new look and feel," he said. "We hope to introduce our new concept in the first half of 2008."
The company will open a total of 21 Finish Line stores, two Paiva and 11 Man Alive units this year. But there are no plans to expand Paiva or Man Alive after that, and Finish Line expansions depend on the Genesco deal. Finish Line announced on June 18 that it would acquire Genesco in a $1.5 billion-deal that is expected to close in the fall.
"We haven't announced plans for Finish Line stores beyond this fiscal year," said Steven J. Schneider, senior executive VP and COO. "With the Genesco transaction, we have to rethink all of this."
For the quarter, the company reported a net loss of $3.9 million, versus net income of $4.4 million for the first quarter of last year. Consolidated net sales decreased 0.2% from the previous year to $288.3 million. Comparable store net sales decreased 3.9%.
The Finish Line, Inc. operates 696 Finish Line stores in 47 states, 93 Man Alive stores in 19 states and 15 Paiva stores in 10 states.
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