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We are off to a strong start this fiscal year - Finish Line Chief
25 Jun '10
2 min read
The Finish Line, Inc. reported results for the first quarter fiscal year 2011, representing the 13-week period ended May 29, 2010.
First Quarter Results
Net sales increased 9.0% to $282.4 million in the first quarter compared to $259.1 million a year ago. Comparable store net sales increased 10.9% in the first quarter compared to a 3.9% comparable store net sales decline for the same period a year ago.
For the period, the company reported income from continuing operations of $13.7 million, or $0.25 per diluted share compared to income from continuing operations of $1.8 million, or $0.03 per diluted share, a year ago.
Consolidated merchandise inventories decreased by 18.1% to $197.8 million at the end of the quarter compared to $241.6 million a year ago. Finish Line inventory declined 15.6% overall and 12.8% on a per-square-foot basis.
As of May 29, 2010, the company had no interest-bearing debt and $248 million in cash and cash equivalents, up from $119 million at the end of the first quarter a year ago.
“We are off to a strong start this fiscal year,” said Finish Line Chief Executive Officer Glenn Lyon. “We posted a solid same-store sales increase and continued to make progress on effectively managing expenses as well as improving product margin and inventory efficiency. While customer traffic continues to be inconsistent, we will remain focused on our premium position in the marketplace and invest appropriately for continued growth.”
June Sales Update
Comparable store net sales on a month-to-date basis for the period of May 30 to June 22, increased 7.0% compared to a 12.5% decline for the same period one year ago.
The Finish Line, Inc. is a premium athletic footwear store and one of the nation's largest mall-based specialty retailers, offering a large selection of performance and everyday sport footwear, apparel and accessories for men, women and kids. The Finish Line, Inc. is publicly traded on the NASDAQ Global Select Market under the symbol FINL. The company operates 667 Finish Line stores in 47 states and offers online shopping.
First Quarter Results
Net sales increased 9.0% to $282.4 million in the first quarter compared to $259.1 million a year ago. Comparable store net sales increased 10.9% in the first quarter compared to a 3.9% comparable store net sales decline for the same period a year ago.
For the period, the company reported income from continuing operations of $13.7 million, or $0.25 per diluted share compared to income from continuing operations of $1.8 million, or $0.03 per diluted share, a year ago.
Consolidated merchandise inventories decreased by 18.1% to $197.8 million at the end of the quarter compared to $241.6 million a year ago. Finish Line inventory declined 15.6% overall and 12.8% on a per-square-foot basis.
As of May 29, 2010, the company had no interest-bearing debt and $248 million in cash and cash equivalents, up from $119 million at the end of the first quarter a year ago.
“We are off to a strong start this fiscal year,” said Finish Line Chief Executive Officer Glenn Lyon. “We posted a solid same-store sales increase and continued to make progress on effectively managing expenses as well as improving product margin and inventory efficiency. While customer traffic continues to be inconsistent, we will remain focused on our premium position in the marketplace and invest appropriately for continued growth.”
June Sales Update
Comparable store net sales on a month-to-date basis for the period of May 30 to June 22, increased 7.0% compared to a 12.5% decline for the same period one year ago.
The Finish Line, Inc. is a premium athletic footwear store and one of the nation's largest mall-based specialty retailers, offering a large selection of performance and everyday sport footwear, apparel and accessories for men, women and kids. The Finish Line, Inc. is publicly traded on the NASDAQ Global Select Market under the symbol FINL. The company operates 667 Finish Line stores in 47 states and offers online shopping.
Finish Line Inc
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