Fourth Quarter Results:
-Consolidated net sales were $442.7 million.
- Finish Line comparable store sales increased 0.7%.
- Digital sales, which are included in the comparable store sales results, were up 21.0%.
- On a GAAP basis, diluted earnings per share were $0.69.
- Non-GAAP diluted earnings per share, which excludes the impact of impairment charges, were $0.76.
- Pre-tax impairment charge of $5.6 million, or $0.07 per diluted share, related to Digital platform and long-lived assets for certain stores.
Fiscal Year 2013 Results:
- Consolidated net sales increased 5.4% to $1.44 billion.
- Finish Line comparable store sales increased 5.9%.
- Digital sales, which are included in the comparable store sales results, were up 25.1%.
- On a GAAP basis, diluted earnings per share were $1.40.
- Non-GAAP diluted earnings per share, which excludes the impact of impairment charges, were $1.47.
As a reminder, the 53rd week of fiscal 2012 contributed $30.5 million of consolidated net sales and approximately $0.07 per diluted share to the fourth quarter and fiscal year ended March 3, 2012.
“While our fourth quarter performance was in-line with expectations, it was a challenging second half of the year for us,” commented Glenn Lyon, Chairman and Chief Executive Officer. “We experienced weakness in our running business at Finish Line and adjusted our operating platform and expenses to meet those market dynamics.
“Moving forward, we remain committed to our growth strategies and the investments required for our Finish Line, Macy’s and The Running Company businesses to drive long-term shareholder value. We are steadfast in our belief that technology will continue to drive broad changes in the retail landscape as we transform into a premier omni-channel retailer.”
As of March 2, 2013, consolidated merchandise inventories increased 10.6% to $243.8 million compared to $220.4 million as of March 3, 2012. For Finish Line, merchandise inventories increased 9.1%.
The company repurchased 1.3 million shares of its common stock in the fourth quarter, totaling $23.6 million. For the full year, Finish Line repurchased 3.9 million shares totaling $77.2 million. The company has 4.9 million shares remaining on its additional 5 million share authorization approved in January 2013.
As of March 2, 2013, the company had no interest-bearing debt and $227.0 million in cash and cash equivalents, compared to $307.5 million a year ago.
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