Finish Line Shifts to ProfitPosted: Updated:
Indianapolis-based The Finish Line Inc. (Nasdaq: FINL) is reporting a fiscal third quarter profit of more than $2.3 million, compared to a loss of more than $100,000 during the same period a year earlier. The athletic apparel retailer says it is maintaining its previous outlook of a small increase in earnings per share for fiscal 2013. December 20, 2013
INDIANAPOLIS, Ind. - The Finish Line, Inc. (NASDAQ: FINL) today reported results for the 13-weeks ended November 30, 2013.
For the thirteen weeks ended November 30, 2013:
Consolidated net sales were $364.5 million, an increase of 22.9 percent over the prior year period.
Finish Line comparable store sales increased 7.1 percent.
On a GAAP basis, diluted earnings per share were $0.05.
Non-GAAP diluted earnings per share, which excludes the impact of impairment charges, were $0.06.
"We are very pleased with the top and bottom line performance we delivered in the third quarter," said Chairman and Chief Executive Officer, Glenn Lyon. "Our commitment to developing a premier omni-channel platform is strengthening both our customer relationships and our brand partnerships while also reinforcing our market leadership position. We are continually adapting and refining our strategies in this rapidly evolving retail landscape to ensure we meet the needs of today's empowered consumer. Finish Line is on the right strategic course and is well-positioned to deliver on our near and longer term goals."
As of November 30, 2013, consolidated merchandise inventories increased 19.5 percent to $360.5 million compared to $301.7 million as of December 1, 2012. The increase resulted primarily from the start-up of Macy's business. For Finish Line, merchandise inventories increased 0.6 percent.
The company repurchased 200,000 shares of its common stock in the third quarter, totaling $5.2 million. The company has 4.1 million shares remaining on its current Board authorized repurchase plan.
As of November 30, 2013, the company had no interest-bearing debt and $111.9 million in cash and cash equivalents, compared to $168.2 million a year ago.
For the fiscal year ending March 1, 2014, Finish Line now expects comparable store sales to increase approximately 3 percent-4 percent compared to its previous expectation for a low single digit increase. The Company now expects Non-GAAP earnings per share to increase 9 percent to 12 percent to $1.60-$1.65 from fiscal year 2013 Non-GAAP diluted earnings per share of $1.47. This compares to its previous expectation for a mid-single digit increase.
About The Finish Line, Inc.
The Finish Line, Inc. is a premium retailer of athletic shoes, apparel and accessories. Headquartered in Indianapolis, Finish Line has 658 stores in malls across the U.S., manages the athletic footwear inventory in 660 Macy's stores including 198 branded or staffed shops, and employs more than 13,000 sneakerologists who help customers every day connect with their sport, their life and their style. Online shopping is available at www.finishline.com and www.macys.com. Mobile shopping is available at m.finishline.com. Follow Finish Line on Twitter at Twitter.com/FinishLine and "like" Finish Line on Facebook at Facebook.com/FinishLine.
Finish Line also operates the Running Specialty Group through a venture with Gart Capital Partners. This includes 47 specialty running shops in 12 states and the District of Columbia under The Running Company, Run On!, Blue Mile, Boulder Running Company and Roncker’s Running Spot banners. More information, including the particular states in which stores are located, is available at www.run.com.
Source: The Finish Line Inc.