This quarter will see the opening of two different Finish Line formats, one a 3,500-square-foot prototype (compared with a typical 5,400-square-foot store today), and one designed with Nike. One smaller format store (called Finish Line 4.0) has opened in Madison, WI, with another to open in Houston.
"We will be closely monitoring the results, and anticipate improved performance and productivity from this new store concept," said Alan Cohen, chairman.
The second prototype, Finish Line LTD, being designed with Nike, will open in Chandler, AZ, in May, and be geared more to young athletes.
Plans call for the company to open 10 to 15 Finish Line stores, remodel 15 to 20 stores, and close as many as 15 to 20 units, only some from lease expirations. The company does not plan to open any Man Alive stores in fiscal 2009. Last year, the company opened 18 and closed 11 Finish Lines, and opened 11 Man Alive Stores, while closing three.Man Alive will be seeing some retooling in terms of merchandise mix.
"In the past, Man Alive has been exclusively focused on hip hop apparel and although we aren't making a complete departure from this offering, we are making a significant adjustment towards relevant, urban street wear," Cohen said.
For the fourth quarter, consolidated net sales were $364.1 million, down 4.9% from the same quarter the previous year. Consolidated comparable store net sales decreased 3.9%. The company reported a loss from continuing operations of $1.2 million compared to a loss from continuing operations of $39.0 million the prior-year quarter.
For fiscal 2009, sales were $1.262 billion, compared with $1.277 billion the previous year. Consolidated comparable store net sales dropped 0.4%. Income from continuing operations was $4.0 million vs. to a loss from continuing operations of $48.5 million for fiscal 2008.
The Finish Line operates 688 Finish Line stores in 47 states, and 85 Man Alive stores in 19 states.
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