The Finish Line, Inc. recorded net sales of $343.0 million second quarter, increasing 1.3% versus consolidated net sales of $338.6 million for the same period last year. Total company comparable store net sales for Q2 decreased 4.7%. By concept, Finish Line comparable store net sales decreased 4.8% and Man Alive comparable store sales decreased 2.4% compared to the same thirteen-week period last year. The company expects to report a loss per diluted share in the range of 4 cents to 6 cents for Q2 as compared to income per diluted share of 21 cents reported for Q2 LY. Included in the loss for Q2 is a pre-tax charge of approximately $14 million (18 cents per diluted share) for the impairment of assets, write down of inventory and certain facility closing costs related to the recently announced closure of the 15 Paiva stores.
The company did not repurchase any shares of Class A Common Stock during Q2 under the current stock repurchase authorization, which expires December 31, 2007. As of September 1, 2007, the company has repurchased 2,584,617 shares (at a total cost of $35.5 million) of the five million shares authorized.
On a year-to-date basis, for the twenty-six weeks ended September 1, 2007, net sales were $631.3 million, an increase of 0.6% versus net sales of $627.7 million reported for the twenty-six week period last year ended August 26, 2006. Year-to-date comparable store net sales decreased 4.4% as compared to negative 6.8% comparable sales reported for the first half of last year.
