Finish Line reports $16M loss

Beleaguered Indianapolis athletic retailer Finish Line Inc. reported more bad news Thursday afternoon.

The company reported a net loss of $15.95 million, or 34 cents per diluted share, for its fiscal third quarter, which ended Dec. 1, 2007. That compares to a loss of $2.98 million for the same quarter in 2006. Meanwhile, same-store sales dropped 3.6 percent.

The poor performance is a result of a slumping market for athletic shoes as well as legal costs stemming from Finish Line’s tangle with Genesco Inc., the Tennessee company it agreed to purchase for $1.5 billion in June.

Executives will discuss the results during a conference call Friday morning. Check for updates.

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