The Finish Line, Inc. reported net sales grew 15.8 percent to $406.5 million in the fiscal first quarter ended May 31, 2014, when comparable store sales increased 5.0 percent.

On a GAAP basis, diluted earnings per share more than doubled to 25 cents from 10 cents earned in the prior year. Non-GAAP diluted earnings per share, which excludes the impact of impairment charges in the current year and the impact of start-up costs related to the launch of the company’s operations in Macy’s in the prior year, increased 40.0 percent to 28 cents compared to 20 cents in the prior year.

“We are very pleased with the strong start to fiscal 2015 we delivered in the first quarter,” said Glenn Lyon, chairman and chief executive officer. “The integration of our store and digital operations is allowing us to deliver great product and service to consumers in a seamless fashion no matter what channel they choose to shop. At the same time, we are reaching new consumers and expanding market share through our growing relationship with Macy’s. We are confident that our multi-divisional, omni-channel strategies will strengthen our market position and drive growth in sales and earnings, allowing us to return increased value to our shareholders in the years ahead.”
 
Inventory flat
As of May 31, 2014, consolidated merchandise inventories increased 0.8 percent to $295.0 million compared to $292.6 million as of June 1, 2013.

The company repurchased 700,000 shares of its common stock in the first quarter, totaling $18.7 million. The company has 3.2 million shares remaining on its current Board authorized repurchase program.

As of May 31, 2014, the company had no interest-bearing debt and $196.6 million in cash and cash equivalents, compared to $195.9 million in the prior year.

Outlook unchanged
For the fiscal year ending Feb. 28, 2015, the company still expects Finish Line comparable store sales to be up mid single digits and earnings per share to increase in the high single to low double digit range over fiscal year 2014 non-GAAP diluted earnings per share of $1.66.

The Finish Line, Inc. is a premium retailer of athletic shoes, apparel and accessories. Headquartered in Indianapolis, Finish Line has approximately 900 stores including more than 260 shops in Macy’s in malls across the United States as well as www.finishline.com, www.macys.com and m.finishline.com. The company also operates the Running Specialty Group, which is rolling up independently owned running specialty stores. RSG now includes 58 specialty running shops in 12 states and the District of Columbia under The Running Company, Run On!, Blue Mile, Boulder Running Company, Roncker’s Running Spot, Running Fit and VA Runner banners.