FINANCE

Finish Line missed analyst estimates for third quarter earnings, an issue the company blames on declines in its apparel and accessories categories.   The athletic specialty retailer reported revenue of $371.1 million for the 13 weeks ended Nov. 26, 2016. While this is an increase of 3.0% over the prior year period, it falls short of the consensus estimate of $411.61 million.   

Bed Bath & Beyond Inc. reported less-than-expected earnings for its third quarter, hurt by continuing higher expenses and flat sales.   The retailer’s profit dropped to $126.4 million or $0.85 per share, from $177.8 million or $1.09 per share in the year-ago period.    Sales inched up 0.1% to $2.96 billion, also lower than expected.  

While Finish Line notched up reasonable overall sales growth in its third quarter, this has been overshadowed by both very weak comparables and an almost doubling of net losses to $40.4 million.     Overall, the results are markedly worse than last quarter when total sales grew by 5.4%, aided by a 5.1% growth in comparables.  

French children’s clothing company Orchestra-Premaman SA has won its battle to acquire to acquire Destination Maternity Corp.    The deal calls for Orchestra to acquire Destination Maternity for about $7.05 a share, valuing the U.S. retailer at about $100 million according to its share count.  

Walgreens Boots Alliance and Rite Aid have entered into an agreement to sell 865 Rite Aid stores and certain assets related to store operations to Fred’s for $950 million.   The transaction is subject to Federal Trade Commission approval, the approval and completion of the pending acquisition of Rite Aid by Walgreens Boots Alliance, and other customary closing conditions.  

American Apparel’s financial saga is winding down.  

The wealthiest segment of the U.S. population is cutting back a little this holiday season.      

Gracious Home has filed for Chapter 11 bankruptcy reorganization, its second filing in six years.   In its filing, the 53-year-old retailer, which operates stores in New York City, said “there is a viable business remaining, albeit on a smaller scale.”   Gracious Home previously filed for Chapter in August 2010, citing a sales decline due to the 2008 financial crisis.