For the first quarter ended June 2, 2012:
“Our first quarter comparable sales performance reinforces the Finish Line’s status as a premier destination for athletic footwear,” said Chairman and Chief Executive Officer Glenn Lyon. “We are bringing the marquee brands and top products in our space to our consumers across multiple channels in an increasingly diverse way.
“As the consumer continues to redefine the retail experience, we are making investments behind an omni-channel strategy that we believe will strengthen our vendor relationships and enhance our connection with consumers. While we are still in the early stages of a multi-year transformation, I have great confidence in this organization’s ability to successfully deliver on our near-term promises while at the same time remain on a strategic course towards $2 billion in total company sales and $2.50 in earnings per share by fiscal 2016.”
As of June 2, 2012, consolidated merchandise inventories increased 14.6% to $236.5 million compared to $206.5 million as of May 28, 2011. For Finish Line, merchandise inventories increased by 11.9%.
The company repurchased 1.5 million shares of its outstanding common stock in the first quarter, totaling $32.4 million. The company has 2.3 million shares remaining on its 5-million-share authorization.
As of June 2, 2012, the company had no interest-bearing debt and $262.0 million in cash and cash equivalents, compared to $287.0 million a year ago.
Based on first quarter results, the company now expects earnings per share for the fiscal year ending March 2, 2013 to increase between 6 to 7% over the $1.53 in fiscal 2012, which excludes the $0.07 impact from the 53rd week, up from its previous guidance of mid-single digit growth. This guidance assumes an annual comparable store sales increase of 5 to 6%.
The Finish Line, Inc. is a premium retailer of athletic shoes, apparel and accessories. The company has two retail divisions -- Finish Line, which operates 640 Finish Line brand stores in malls across the U.S., and The Running Specialty Group, which operates 19 specialty running shops in seven states and the District of Columbia under The Running Company banner.
The Finish Line Inc
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