For the thirteen weeks ended November 30, 2013:
- Consolidated net sales were $364.5 million, an increase of 22.9 percent over the prior year period.
- Finish Line comparable store sales increased 7.1 percent.The
- On a GAAP basis, diluted earnings per share were $0.05.
- Non-GAAP diluted earnings per share, which excludes the impact of impairment charges, were $0.06.
As of November 30, 2013, consolidated merchandise inventories increased 19.5 percent to $360.5 million compared to $301.7 million as of December 1, 2012. The increase resulted primarily from the start-up of Macy’s business. For Finish Line, merchandise inventories increased 0.6 percent.
The company repurchased 200,000 shares of its common stock in the third quarter, totaling $5.2 million. The company has 4.1 million shares remaining on its current Board authorized repurchase plan.
As of November 30, 2013, the company had no interest-bearing debt and $111.9 million in cash and cash equivalents, compared to $168.2 million a year ago.
For the fiscal year ending March 1, 2014, Finish Line now expects comparable store sales to increase approximately 3 percent-4 percent compared to its previous expectation for a low single digit increase. The Company now expects Non-GAAP earnings per share to increase 9 percent to 12 percent to $1.60-$1.65 from fiscal year 2013 Non-GAAP diluted earnings per share of $1.47. This compares to its previous expectation for a mid-single digit increase.
The Finish Line, Inc. is a premium retailer of athletic shoes, apparel and accessories. Headquartered in Indianapolis, Finish Line has 658 stores in malls across the U.S., manages the athletic footwear inventory in 660 Macy’s stores including 198 branded or staffed shops, and employs more than 13,000 sneakerologists who help customers every day connect with their sport, their life and their style. Online shopping is available at www.finishline.com and www.macys.com.
Finish Line also operates the Running Specialty Group through a venture with Gart Capital Partners. This includes 47 specialty running shops in 12 states and the District of Columbia under The Running Company, Run On!, Blue Mile, Boulder Running Company and Roncker’s Running Spot banners.
|The Finish Line, Inc.|
|Consolidated Statements of Operations (Unaudited)|
|(In thousands, except per share and store/shop data)|
|Thirteen Weeks Ended||Thirty-Nine Weeks Ended|
|November 30,||December 1,||November 30,||December 1,|
|Cost of sales (including occupancy costs)||256,607||206,833||790,358||671,684|
|Selling, general and administrative expenses||104,092||91,447||306,903||271,004|
|Store closing costs||166||1||369||421|
|Operating income (loss)||2,749||(1,658)||53,067||57,574|
|Interest income, net||3||38||27||167|
|Income (loss) before income taxes||2,752||(1,620)||53,094||57,741|
|Income tax expense (benefit)||1,161||(811)||20,796||22,033|
|Net income (loss)||1,591||(809)||32,298||35,708|
|Net loss attributable to redeemable noncontrolling interest||727||702||1,602||1,436|
|Net income (loss) attributable to The Finish Line, Inc.||$||2,318||$||(107)||$||33,900||$||37,144|
|Diluted earnings per share attributable to The Finish Line, Inc. shareholders||$||0.05||$||-||$||0.69||$||0.72|
|Diluted weighted average shares||48,709||49,949||48,733||50,977|
|Dividends declared per share||$||0.07||$||0.06||$||0.21||$||0.18|
|Finish Line store activity for the period:|
|Beginning of period||659||638||645||637|
|End of period||658||651||658||651|
|Square feet at end of period||3,566,404||3,531,426|
|Average square feet per store||5,420||5,425|
|Branded shops within department stores activity for the period:|
|Beginning of period||133||-||3||-|
|End of period||181||-||181||-|
|Square feet at end of period||224,515||-|
|Average square feet per shop||1,240||-|
|Running Company store activity for the period:|
|Beginning of period||39||19||27||19|
|End of period||47||25||47||25|
|Square feet at end of period||154,348||78,120|
|Average square feet per store||3,284||3,125|
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