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