Home / Knowledge / News / Apparel/Garments / Sales at apparel marketer Finish Line grow 3.5% in Q2FY16
Sales at apparel marketer Finish Line grow 3.5% in Q2FY16
28
Sep '15
For the thirteen weeks ended August 29, 2015, sales at The Finish Line, Inc., a marketer of apparel and accessories grew 3.5 per cent year over year.

Consolidated net sales for the second quarter of fiscal 2016 were $483.2 million, an increase of 3.5 per cent over the prior fiscal period, while comparable store sales rose slower at 1.5 per cent.

In a press release, Finish Line said its diluted earnings per share drove up to $0.57 in the quarter under review as against $0.54 in the previous fiscal's second quarter.

As of August 29, 2015, consolidated merchandise inventories expanded 11.0 per cent to $366.3 million compared to $329.9 million as of August 30, 2014.

“The increase in inventories was driven primarily by higher receipts to support projected sales gains in September which benefited from the later Labour Day compared with last year,” it explained.

The company repurchased approximately 167,000 shares of common stock in the second quarter, totaling to $4.6 million and now has 4.8 million shares remaining on its board authorised repurchase program.

As of August 29, 2015, the company had no interest-bearing debt and had $100.2 million in cash and cash equivalents.

For the fiscal ending February 27, 2016, Finish Line still expects comparable store sales to be up in the low single to mid single digit range.

It also forecasts earnings per share to increase in the low single to mid single digit range over fiscal 2015 and non-GAAP diluted earnings per share of $1.67.

“We are pleased with the bottom line performance we achieved on modest sales growth,” said Glenn Lyon, chairman and chief executive officer of Finish Line.

“With our new supply chain system now live, we have accomplished a critical milestone which elevates our customer service levels even higher while driving efficiencies throughout our organisation,” he added.

“The combination of our enhanced infrastructure and strong vendor partnerships has us well positioned to deliver the latest merchandise our customers will be looking for this holiday season and beyond,” Lyon stated.

Headquartered in Indianapolis, Finish Line has approximately 1,010 Finish Line branded locations primarily in US malls and shops inside Macy's department stores and employs more than 14,000 people.

Finish Line also operates the Running Specialty Group, which includes 76 specialty running stores in 17 states and the District of Columbia and operates under various brands. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 7th Dec 2016

New Texprocil chairman bats for increased UPI adoption

Ujwal Lahoti, the new Cotton Textile Export Promotion Council...

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

The new OJ 59/1 B. Courtesy: Karl Mayer

Textiles | On 7th Dec 2016

Karl Mayer unveils new LACE.EXPRESS model for apparel

Germany’s leading textile machinery firm, Karl Mayer, has launched a...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search