The Finish Line, Inc. (NASDAQ: FINL) today reported results for the first quarter, representing the 13-week period ended June 2, 2012.
For the first quarter ended June 2, 2012:
- Consolidated net sales, inclusive of Finish Line and The Running Company, increased 6.5% to $319.0 million.
- Finish Line comparable store sales increased 8.0% on top of a 6.5% increase for the same period a year ago.
- Digital sales, which are included in the comparable store sales results, were up 28.1%.
- Earnings per diluted share were $0.24.
“Our first quarter comparable sales performance reinforces the Finish Line’s status as a premier destination for athletic footwear,” said Chairman and Chief Executive Officer Glenn Lyon. “We are bringing the marquee brands and top products in our space to our consumers across multiple channels in an increasingly diverse way. As the consumer continues to redefine the retail experience, we are making investments behind an omni-channel strategy that we believe will strengthen our vendor relationships and enhance our connection with consumers. While we are still in the early stages of a multi-year transformation, I have great confidence in this organization’s ability to successfully deliver on our near-term promises while at the same time remain on a strategic course towards $2 billion in total company sales and $2.50 in earnings per share by fiscal 2016.”
Balance SheetAs of June 2, 2012, consolidated merchandise inventories increased 14.6% to $236.5 million compared to $206.5 million as of May 28, 2011. For Finish Line, merchandise inventories increased by 11.9%. The company repurchased 1.5 million shares of its outstanding common stock in the first quarter, totaling $32.4 million. The company has 2.3 million shares remaining on its 5-million-share authorization. As of June 2, 2012, the company had no interest-bearing debt and $262.0 million in cash and cash equivalents, compared to $287.0 million a year ago.