“We are pleased to have delivered a solid second quarter performance,” said Chairman and Chief Executive Officer, Glenn Lyon. “The combination of positive comparable sales and good expense control drove a 10 percent increase in earnings per share over last year. At the same time, we continued to make good progress building our business with Macy’s and growing our Running Specialty Group. Looking ahead, we are cognizant of the headwinds currently facing the retail industry and this has been incorporated into our near-term planning. We remain confident that our strategy to create a leading multi-divisional, omni-channel business will lead to sustainable sales and earnings growth and increased shareholder value over the long term.”
Balance Sheet
As of August 31, 2013, consolidated merchandise inventories increased 18.1 percent to $296.0 million compared to $250.6 million as of September 1, 2012. The increase resulted primarily from the start-up of Macy’s business. For Finish Line, merchandise inventories decreased 0.5 percent.
The company repurchased 250,000 shares of its common stock in the second quarter, totaling $5.5 million. The company has 4.3 million shares remaining on its current Board authorized repurchase plan.
| The Finish Line, Inc. | |||||||||||||||||||
| Consolidated Statements of Income (Unaudited) | |||||||||||||||||||
| (In thousands, except per share and store/shop data) | |||||||||||||||||||
| Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||||||
| August 31, | September 1, | August 31, | September 1, | ||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
| Net sales | $ | 436,030 | $ | 385,011 | $ | 787,083 | $ | 704,060 | |||||||||||
| Cost of sales (including occupancy costs) | 289,693 | 250,461 | 533,751 | 464,851 | |||||||||||||||
| Gross profit | 146,337 | 134,550 | 253,332 | 239,209 | |||||||||||||||
| Selling, general and administrative expenses | 103,455 | 94,711 | 202,811 | 179,557 | |||||||||||||||
| Store closing costs | 17 | 325 | 203 | 420 | |||||||||||||||
| Operating income | 42,865 | 39,514 | 50,318 | 59,232 | |||||||||||||||
| Interest income, net | 10 | 58 | 24 | 129 | |||||||||||||||
| Income before income taxes | 42,875 | 39,572 | 50,342 | 59,361 | |||||||||||||||
| Income tax expense | 16,682 | 15,136 | 19,635 | 22,844 | |||||||||||||||
| Net income | 26,193 | 24,436 | 30,707 | 36,517 | |||||||||||||||
| Net loss attributable to redeemable noncontrolling interest | 314 | 537 | 875 | 734 | |||||||||||||||
| Net income attributable to The Finish Line, Inc. | $ | 26,507 | $ | 24,973 | $ | 31,582 | $ | 37,251 | |||||||||||
| Diluted earnings per share attributable to The Finish Line, Inc. shareholders | $ | 0.54 | $ | 0.49 | $ | 0.64 | $ | 0.72 | |||||||||||
| Diluted weighted average shares | 48,757 | 50,866 | 48,744 | 51,135 | |||||||||||||||
| Dividends declared per share | $ | 0.07 | $ | 0.06 | $ | 0.14 | $ | 0.12 | |||||||||||
| Finish Line store activity for the period: | |||||||||||||||||||
| Beginning of period | 651 | 640 | 645 | 637 | |||||||||||||||
| Opened | 9 | 4 | 19 | 13 | |||||||||||||||
| Closed | (1) | (6) | (5) | (12) | |||||||||||||||
| End of period | 659 | 638 | 659 | 638 | |||||||||||||||
| Square feet at end of period | 3,571,267 | 3,449,041 | |||||||||||||||||
| Average square feet per store | 5,419 | 5,406 | |||||||||||||||||
| Branded shops within department stores activity for the period: | |||||||||||||||||||
| Beginning of period | 44 | - | 3 | - | |||||||||||||||
| Opened | 89 | - | 130 | - | |||||||||||||||
| Closed | - | - | - | - | |||||||||||||||
| End of period | 133 | - | 133 | - | |||||||||||||||
| Square feet at end of period | - | 158,948 | - | ||||||||||||||||
| Average square feet per shop | - | 1,195 | - | ||||||||||||||||
| Running Company store activity for the period: | |||||||||||||||||||
| Beginning of period | 38 | 19 | 27 | 19 | |||||||||||||||
| Acquired | - | - | 9 | - | |||||||||||||||
| Opened | 1 | - | 3 | - | |||||||||||||||
| Closed | - | - | - | - | |||||||||||||||
| End of period | 39 | 19 | 39 | 19 | |||||||||||||||
| Square feet at end of period | 119,964 | 60,436 | |||||||||||||||||
| Average square feet per store | 3,076 | 3,181 | |||||||||||||||||
As of August 31, 2013, the company had no interest-bearing debt and $203.8 million in cash and cash equivalents, compared to $254.2 million a year ago.
OutlookFor the fiscal year ending March 1, 2014, the company now expects Finish Line comparable store sales to increase low-single-digits compared to its previous expectation for a slight increase. The company still expects earnings per share to increase mid-single digit percent over fiscal year 2013 Non-GAAP diluted earnings per share of $1.47.
By press release through sportsonesource
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