THE RETAIL EQUATION SIGNS 10 YEAR EXTENSION WITH FINISH LINE FOR RETURN AUTHORIZATION SERVICES
IRVINE, Calif. (Nov. 16, 2009) —The Retail Equation, the industry leader in retail transaction optimization solutions, announced it has entered into a 10 year agreement with Finish Line, a current customer, to continue to provide real-time analytics solutions to predict and optimize shopper behavior in-store for the company’s 679 retail store locations. Finish Line has saved millions of dollars already partnering with The Retail Equation and anticipates new and sustained financial and business benefits related to this agreement.
“We have been using The Retail Equation’s return authorization solutions for several years and it has had a significant, positive effect on our business and greatly exceeded our expectations,” said Mike Smith, senior vice president, Loss Prevention for Finish Line. “Not only does it create an improved overall customer experience, but we have seen a considerable reduction in returns and a solid return on investment.”
The Retail Equation’s solutions focus on maximizing the revenue potential of every shopper who enters the store. Return optimization addresses previously overlooked customer interactions―like returns or exchanges―and improves the value of a retailer’s return process; typically increasing net sales. This revenue and margin impact is accomplished by validating the integrity of each return.
“Our existing relationship in working with Finish Line has shown their strong commitment to their loyal customer base, as evident in their approach to creating a great in-store experience for consumers,” said Mark Hammond, chairman and CEO of The Retail Equation. “We are pleased that they see tremendous long-term value in our return optimization solutions and we anticipate a growing partnership between our companies.”
The Retail Equation’s return optimization solutions can be found in retail stores throughout the United States. Retailer benefits from optimization of the return process include: improved shopper satisfaction, higher store comps and net sales, fewer lost sales, increased postreturn purchases, better shopper conversions, streamlined associate procedures, and the ability to implement more customer-centric return policies, if desired.
Forward-Looking Statements
Certain statements contained in this press release regard matters that are not historical facts and are forward-looking statements (as such term as defined in the rules promulgated pursuant to the Securities Act 1933, as amended). Because such forward-looking statements contain risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. The company undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
About the Retail Equation
The Retail Equation, headquartered in Irvine, Calif., is the industry leader in retail transaction optimization solutions. The company’s applications use statistical modeling and analytics to predict consumer behavior, and its software-as-a-service delivery enables retailers to achieve a significant and measurable return-on-investment. Its solutions are operating in more than 12,000 stores in North America, supporting a diverse retail base of specialty, department, sporting goods, auto parts and more.
About Finish Line
The Finish Line, Inc. is a premium athletic footwear store and one of the nation’s largest mall-based specialty retailers, offering a deep selection of performance and sport-style footwear, apparel and accessories for men, women and kids. The Finish Line, Inc. is publicly traded on the NASDAQ Global Select Market under the symbol FINL. The company operates 679 Finish Line stores in 47 states and online at www.finishline.com.