Specialty athletic retailer The Finish Line has unveiled further details of its new upscale women's chain and also reported a 62% slump in third-quarter net earnings.

The new retail concept will be called Paiva and will offer fitness and fashion apparel for active woman.

Finish Line chairman and chief executive Alan Cohen said: "Whether this woman needs product, information, or a resource for training needs, Paiva will be a reliable destination for this consumer.

"This store is about an attitude and mindset and will encompass everything to fit this consumer's needs."

Paiva will be primarily mall-based and will target 25-40-year-old active women who exercise frequently and engage in multiple athletic activities along with seasonal sports.

With a product mix that will be approximately 70% softgoods and 30% footwear, the product offerings will be multi-branded and feature the best assortment from the top athletic brands, in addition to housing a collection of private label fashion basics.

The Paiva stores will average about 4,000 square feet, and the first outlets will open this spring, beginning in April. The stores launch will be simultaneous with the web and catalogue offerings.

Finish Line said net income for the 13 weeks ended 26 November totalled US$845,000 compared to income of $2.2m in the same period last year.

Third-quarter net sales were up 16% to $274.0m compared to $235.3m a year ago. Same-store sales increased 4% compared to an 8% increase last year.

Cohen commented: "For the quarter, our sales exceeded plan with improved product margins.

"During the quarter, we continued to make important investments in our infrastructure as we prepare to accelerate store openings for Man Alive and launch Paiva".

Net income for the 39 weeks ended 26 November fell 2% to $32.5m compared to $33.1m last year, as net sales rose 13% and same-store sales slipped 1%.