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Mall-based retailer Finish Line's profit swings in Q1

27
Jun '08
The Finish Line Inc announced results for the first quarter ended May 31, 2008.

For the thirteen weeks ended May 31, 2008 (first quarter or Q1), the Company reported income from continuing operations of $0.9 million, or $.02 per diluted share, compared to a loss from continuing operations of $2.6 million, or ($.05) per diluted share, for the thirteen weeks ended June 2, 2007 (Q1 LY). Diluted weighted average shares outstanding were 53,895,000 for Q1, a 14.3% increase versus 47,135,000 shares outstanding for Q1 LY, which reflects the 6.5 million shares issued March 7th in connection with the previously announced settlement with Genesco Inc.

For the first quarter, total consolidated net sales increased 0.8% to $287.9 million compared to net sales of $285.8 million for Q1 LY. Consolidated comparable store net sales increased 1.2% for Q1 compared to the same period a year ago. By concept, Finish Line comparable store net sales increased 1.6% and Man Alive comparable store net sales decreased 7.1%.

Merchandise inventories on a consolidated basis were $281.2 million at May 31, 2008, compared to $308.1 million at June 2, 2007. On a comparable per square foot basis, consolidated merchandise inventories at May 31, 2008 decreased 8%. Finish Line merchandise inventories decreased 7% and Man Alive inventories decreased 21% compared to one year ago.

Alan H. Cohen, Chief Executive Officer of the Company, stated, "While the macroeconomic conditions remain challenging, we are encouraged by the improvement in our business during April and May, which demonstrates the progress we are making in the execution of our strategic merchandising plans and inventory management. We have decreased our inventory levels as well as improved the overall inventory aging versus last year.

Our continued focus on premium performance and sport style products in the Finish Line stores drove product margins and average selling price higher during the quarter. The Company's financial position is strong as we ended the quarter with $40 million in cash and no interest-bearing debt.

Going forward, we will remain focused on these product and operational initiatives, which are measurably improving the Company's performance and helping differentiate The Finish Line, Inc. with consumers."

Finish Line Inc


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