The Finish Line, Inc. 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% over the prior year period.
• Finish Line comparable store sales increased 7.1%.
• 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.
As of November 30, 2013, consolidated merchandise inventories increased 19.5% 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%.
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%-4% compared to its previous expectation for a low single digit increase. The Company now expects Non-GAAP earnings per share to increase 9% to 12% 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.