Three major Indianapolis-based retailers struggling with declining sales replaced their CEOs this year as they tried to improve company financials.
Slumping sales of apparel led the Indianapolis-based athletic clothier to report a steep loss in its latest quarter.
Finish Line's decision to give up on its JackRabbit running-shoe chain and try to find a buyer marks the fourth time the company has stumbled badly while trying to diversify.
The Finish Line Inc. on Tuesday confirmed a two-week-old report that it was looking to rid itself of its underperforming JackRabbit chain of specialty running-shoe stores.
Upbeat holiday shopping forecasts are giving retailers reason to cheer despite nagging signs that consumers are spending less at malls and instead opting for online outlets.
The specialty running-shoe division, which operates 70 stores under various names, could draw interest from private equity firms and other sporting-goods chains.
Sales and profit for the apparel seller’s most recent quarter either met or exceeding Wall Street’s expectations. It’s now embarking on a plan for responding to clothing trends more quickly.
Management is talking as though it might jettison the 71-store, money-losing division if it doesn’t sharpen performance quickly.
Shares of the athletic shoe and apparel retailer shot 20 percent higher after the company narrowly beat expectations and outlined plans for improved performance.
Indianapolis-based The Finish Line Inc. is a specialty retailer of brand-name athletic and leisure footwear, activewear and accessories. The company operates 980 Finish Line locations, primarily in U.S. malls and Macy’s department stores, and 72 running specialty stores.
It turns out that Simon Property Group spun off its less profitable malls and zeroed in on high-end properties at just the right times. Analysts say middling malls are losing out as retailers decide where to pare locations.
The move comes as Finish Line’s new CEO strives to improve performance issues that caused the retailer to lose $32 million in sales in its fiscal third quarter.
A report from the investment firm Credit Suisse analyzed the e-commerce capabilities of Nike, Finish Line and Foot Locker and found Nike is far and away the leader.
The Finish Line Inc.’s disastrous third quarter stemmed from management miscues, a well-worn story that has made some analysts skeptical that incoming CEO, Sam Sato, will usher in better times.
The Finish Line Inc. said it will close 150 stores over the next four years and replace its CEO early next year after losing $32 million in sales in its latest quarter due to supply-chain problems.
Indiana’s publicly traded retailers are hoping a strong shopping season will allow them to finish with a flourish after a bruising 2015.
The Indianapolis-based retailer of athletic apparel reported profit in its fiscal second quarter of $25.9 million, slightly down from the same quarter a year ago.