The Finish Line, Inc. reported sales climbed 9.0% in its first quarter ended May 29, to $282.4 million from $259.1 million a year ago. Comps climbed 10.9% compared to a 3.9%
decline for the same period a year ago. Income from continuing operations significantly improved to $13.7 million, or 25
cents per share, from $1.8 million, or 3
cents, a year ago.

Consolidated merchandise
inventories decreased by 18.1% to $197.8 million
at the end of the quarter compared to $241.6
million
a year ago. Finish Line inventory declined 15.6% overall
and 12.8% on a per-square-foot basis.

As of May 29, 2010, the company had no
interest-bearing debt and $248 million in
cash and cash equivalents, up from $119 million
at the end of the first quarter a year ago.

“We are off to a
strong start this fiscal year,” said Finish Line Chief Executive Officer
Glenn Lyon. “We posted a solid
same-store sales increase and continued to make progress on effectively
managing expenses as well as improving product margin and inventory
efficiency.  While customer traffic continues to be inconsistent, we
will remain focused on our premium position in the marketplace and
invest appropriately for continued growth.”

June Sales Update

Comparable
store net sales on a month-to-date basis for the period of May 30 to June 22, increased 7.0% compared to a
12.5% decline for the same period one year ago.

The Finish Line, Inc. 

Consolidated Statements of Operations (Unaudited)

(In thousands, except per share and store data)









Thirteen Weeks Ended




May 29,


May
30,




2010


2009














Net sales


$
 282,398


$  259,096


Cost of sales (including occupancy costs)


188,428


182,722


Gross profit


93,970


76,374








Selling,
general and administrative expenses


71,779


73,154


Store closing costs



231


Operating income  


22,191


2,989








Interest
income, net


64


104


Income from continuing operations before income taxes


22,255


3,093








Income tax
expense


8,586


1,334


Income from continuing operations


13,669


1,759


Loss from discontinued operations, net of income taxes


(23)


(2,367)


Net income (loss)


$
   13,646


$       (608)








Income (loss)
per diluted share:






 Income from
continuing operations


About The Author

Thomas J. Ryan

Thomas J. Ryan Senior Business Editor | SGB Media tryan@sgbonline.com | 917.375.4699

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