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Finish Line Q2 consolidated comparable store net sales up
26 Sep '08
3 min read
The Finish Line Inc announced results for the second quarter ended August 30, 2008.
Second Quarter Results:
For the thirteen weeks ended August 30, 2008 ("second quarter" or "Q2"), the Company reported income from continuing operations of $13.2 million, or $.24 per diluted share, compared to income from continuing operations of $6.9 million, or $.14 per diluted share, for the thirteen weeks ended September 1, 2007 ("Q2 LY"). Diluted weighted average shares outstanding were 54,764,000 for Q2, a 16.1% increase versus 47,188,000 shares outstanding for Q2 LY, which reflects the 6.5 million shares issued March 7, 2008 in connection with the previously announced settlement with Genesco Inc.
For the second quarter, consolidated net sales increased 3.9% to $353.3 million compared to net sales of $340.0 million for Q2 LY. Consolidated comparable store net sales increased 4.7% for Q2 compared to the same period a year ago. By concept, Finish Line comparable store net sales increased 4.9% and Man Alive comparable store net sales increased 1.3%.
Merchandise inventories on a consolidated basis were $269.9 million at August 30, 2008, compared to $303.6 million at September 1, 2007. On a per square foot basis, consolidated merchandise inventories at August 30, 2008 decreased 10%. Finish Line merchandise inventories decreased 10% and Man Alive inventories decreased 4% compared to one year ago.
Alan H. Cohen, Chief Executive Officer of the Company, stated, "While retail conditions remain challenging, we are pleased by the improvement in our operating performance and the continued progress we are making in the execution of our strategic merchandising plans and inventory management.
We have maintained our focus on inventory quality while decreasing the overall levels by 10% per square foot. As a result, we continued to see higher product margins and a higher average selling price during the quarter. The Company's financial position remains strong as we ended the quarter with $65 million in cash, an improvement of $31 million year over year, and no interest-bearing debt."
Year-To-Date Results:
For the twenty-six weeks ended August 30, 2008 (YTD) the Company reported income from continuing operations of $14.1 million, or $.26 per diluted share versus income from continuing operations of $4.3 million, or $.09 per diluted share for the twenty-six weeks ended September 1, 2007 (YTD LY). Diluted weighted average shares outstanding were 54,330,000 for YTD versus 47,162,000 shares outstanding for YTD LY.
Net sales increased 2.5% to $641.3 million for YTD compared to $625.7 million for YTD LY. Comparable store net sales increased 3.1% for YTD versus a 4.4% decrease reported for YTD LY.
Second Quarter Results:
For the thirteen weeks ended August 30, 2008 ("second quarter" or "Q2"), the Company reported income from continuing operations of $13.2 million, or $.24 per diluted share, compared to income from continuing operations of $6.9 million, or $.14 per diluted share, for the thirteen weeks ended September 1, 2007 ("Q2 LY"). Diluted weighted average shares outstanding were 54,764,000 for Q2, a 16.1% increase versus 47,188,000 shares outstanding for Q2 LY, which reflects the 6.5 million shares issued March 7, 2008 in connection with the previously announced settlement with Genesco Inc.
For the second quarter, consolidated net sales increased 3.9% to $353.3 million compared to net sales of $340.0 million for Q2 LY. Consolidated comparable store net sales increased 4.7% for Q2 compared to the same period a year ago. By concept, Finish Line comparable store net sales increased 4.9% and Man Alive comparable store net sales increased 1.3%.
Merchandise inventories on a consolidated basis were $269.9 million at August 30, 2008, compared to $303.6 million at September 1, 2007. On a per square foot basis, consolidated merchandise inventories at August 30, 2008 decreased 10%. Finish Line merchandise inventories decreased 10% and Man Alive inventories decreased 4% compared to one year ago.
Alan H. Cohen, Chief Executive Officer of the Company, stated, "While retail conditions remain challenging, we are pleased by the improvement in our operating performance and the continued progress we are making in the execution of our strategic merchandising plans and inventory management.
We have maintained our focus on inventory quality while decreasing the overall levels by 10% per square foot. As a result, we continued to see higher product margins and a higher average selling price during the quarter. The Company's financial position remains strong as we ended the quarter with $65 million in cash, an improvement of $31 million year over year, and no interest-bearing debt."
Year-To-Date Results:
For the twenty-six weeks ended August 30, 2008 (YTD) the Company reported income from continuing operations of $14.1 million, or $.26 per diluted share versus income from continuing operations of $4.3 million, or $.09 per diluted share for the twenty-six weeks ended September 1, 2007 (YTD LY). Diluted weighted average shares outstanding were 54,330,000 for YTD versus 47,162,000 shares outstanding for YTD LY.
Net sales increased 2.5% to $641.3 million for YTD compared to $625.7 million for YTD LY. Comparable store net sales increased 3.1% for YTD versus a 4.4% decrease reported for YTD LY.
Finish Line Inc
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