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Finish line reports 3% increase in Q3FY17 sales
Dec '16
For the thirteen weeks ended November 26, 2016, net sales at Finish Line, a retailer of athletic shoes, apparel and accessories rose 3 per cent year over year to $371.7 million, while comparable store sales increased by just 0.7 per cent. The redeeming feature was that Finish Line Macy’s sales soared 33.2 per cent over the same quarter of the prior fiscal.

In the third quarter of fiscal 2017, diluted loss per share on a GAAP basis from continuing operations were $0.26, while non-GAAP diluted loss per share from continuing operations, which primarily exclude severance related charges, were $0.24.

Sam Sato, Chief Executive Officer of Finish Line expressed his disappointment by explaining that steep declines in apparel and accessories offset a high-single digit footwear comparable gain and also a 33 per cent sales increase in the Macy’s business.

As of November 26, 2016, inventories grew 4.6 per cent to $401.5 million as against $383.8 million as on November 28, 2015.

In the reporting quarter, Finish Line repurchased 250,000 shares of common stock totalling to $5.8 million and has 5.0 million shares remaining on its current authorised repurchase program. (AR)

Fibre2Fashion News Desk – India

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