The Finish Line, Inc. reported first quarter results for the thirteen weeks ended May 31, 2014.
For the thirteen weeks ended May 31, 2014:
-Consolidated net sales were $406.5 million, an increase of 15.8% over the prior year period.
-Finish Line comparable store sales increased 5.0%.
-On a GAAP basis, diluted earnings per share increased to $0.25 from $0.10 in the prior year.
-Non-GAAP diluted earnings per share, which excludes the impact of impairment charges in the current year and the impact of start-up costs related to the launch of the company’s operations in Macy’s in the prior year, increased 40.0% to $0.28 compared to $0.20 in the prior year.
“We are very pleased with the strong start to fiscal 2015 we delivered in the first quarter,” said Glenn Lyon, Chairman and Chief Executive Officer. “The integration of our store and digital operations is allowing us to deliver great product and service to consumers in a seamless fashion no matter what channel they choose to shop. At the same time, we are reaching new consumers and expanding market share through our growing relationship with Macy’s. We are confident that our multidivisional, omnichannel strategies will strengthen our market position and drive growth in sales and earnings, allowing us to return increased value to our shareholders in the years ahead.”
As of May 31, 2014, consolidated merchandise inventories increased 0.8% to $295.0 million compared to $292.6 million as of June 1, 2013.
The company repurchased 700,000 shares of its common stock in the first quarter, totaling $18.7 million. The company has 3.2 million shares remaining on its current Board authorized repurchase program.
As of May 31, 2014, the company had no interest-bearing debt and $196.6 million in cash and cash equivalents, compared to $195.9 million in the prior year.
For the fiscal year ending February 28, 2015, the company still expects Finish Line comparable store sales to be up mid single digits and earnings per share to increase in the high single to low double digit range over fiscal year 2014 non-GAAP diluted earnings per share of $1.66.