The Finish Line, Inc. reported net sales of $235,253,000 for the thirteen weeks ended November 27, 2004, an increase of 16% over net sales of $202,035,000 for Q3 last year. Comparable store net sales for Q3 increased 8% on top of a 25% increase reported for the comparable 13-week period last year. Effective with the beginning of Fiscal 2005, the Company has included Internet sales from www.finishline.com in the comparable sales calculation. This change had the effect of increasing Q3 comparable sales 2% and year-to-date comparable sales by 1%.
On a year-to-date basis, for the 39 weeks ended November 27, 2004, net sales were $805,381,000, an increase of 18% (eighteen percent) over net sales of $680,629,000 reported for the 39-week period last year ended November 29,2003. Year-to-date, comparable store net sales increased 9% (nine percent) on top of a 20% (twenty percent) increase reported for the comparable 39-week period last year.
Mr. Alan H. Cohen, Finish Line’s Chairman and Chief Executive Officer stated: “We are pleased to have achieved a strong comparable sales gain of 8% on top of a 25% gain reported for Q3 LY. This marks the eighth consecutive quarter of comp gains at Finish Line. Consumers continue to respond well to our broad assortments and exciting presentation. We believe these results demonstrate that Finish Line has become a premier destination for athletic footwear and continues to capture market share in the mall.”
During Q3, the Company opened 30 stores, remodeled 12 existing stores and closed two stores. Year-to-date, the Company has opened a total of 65 new stores, remodeled 26 existing stores and closed four stores. The Company plans to open six additional stores in Q4 along with one additional remodel. This equates to total new store openings of 71 for the full fiscal year along with 27 remodels of existing stores. As of November 27, 2004, the Company operated 592 stores compared to 532 at November 29, 2003 an increase of 11%. In addition, store square footage increased 10% to 3,389,000 square feet compared to 3,085,000 square feet at the end of Q3 last year.
The Company reconfirms that diluted earnings per share (spilt adjusted) for the 3rd quarter are expected to range from $.04 to $.06. For Q3 LY, the Company reported diluted earnings per share of $.04, which included a $.01 benefit from a gain on an insurance settlement.
