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Finish Line comp store sales up in Q1
24
Jun '11
The Finish Line Inc reported results for first quarter fiscal 2012, representing the 13-week period ended May 28, 2011.

First Quarter Results
Net sales increased 6.0% to $299.5 million in the first quarter compared to $282.4 million a year ago. Comparable store sales increased 6.5% in the first quarter on top of an increase of 10.9% for the same period a year ago.

Finish Line reported first quarter income from continuing operations of $16.4 million, or $0.30 per diluted share, compared to income from continuing operations of $13.7 million, or $0.25 per diluted share, a year ago, representing a 20% earnings per share increase.

Merchandise inventories increased 4.4% to $206.5 million at the end of the quarter compared to $197.8 million a year ago. On a per-square-foot basis, inventories were up 5.8%.

At quarter-end, the company had no interest-bearing debt and $287.0 million in cash and cash equivalents, up from $248.1 million at the end of the first quarter a year ago. The company repurchased 0.4 million shares of its outstanding common stock in the first quarter, totaling $9.6 million.

“Delivering growth on top of a strong performance a year ago was the story of the first quarter,” said Finish Line Chairman and Chief Executive Officer Glenn Lyon. “This is the seventh consecutive quarter that we delivered an increase in comp store sales and non-GAAP EPS. In the first quarter, we achieved 20% EPS growth on top of the strong earnings we drove a year ago. Our comp store sales increase of 6.5% in Q1 is on top of a 10.9% increase last year and we improved across virtually all other key metrics.

“Through consistent execution of our strategic plan, we have created a business model that has allowed Finish Line to drive sustained growth through a variety of consumer environments and external conditions. This is a great start to the new fiscal year and we are optimistic about our future and the initiatives we are undertaking to grow our existing business, expand beyond our core business and deliver returns to our shareholders.”

June Sales Update
Comparable store sales on a month-to-date basis for the period of May 29, 2011 through June 19, 2011 increased 14.5% on top of a 6.8% increase for the same period a year ago.

Finish Line is a premium retailer of athletic shoes, apparel and accessories. Headquartered in Indianapolis, Finish Line operates 656 stores in malls across the United States.

Finish Line Inc

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