As of March 2, 2013, consolidated merchandise inventories increased 10.6% to $243.8 million compared to $220.4 million as of March 3, 2012. For Finish Line, merchandise inventories increased 9.1%.
The company repurchased 1.3 million shares of its common stock in the fourth quarter, totaling $23.6 million. For the full year, Finish Line repurchased 3.9 million shares totaling $77.2 million. The company has 4.9 million shares remaining on its additional 5 million share authorization approved in January 2013.
As of March 2, 2013, the company had no interest-bearing debt and $227.0 million in cash and cash equivalents, compared to $307.5 million a year ago.Outlook For the fiscal year ending March 1, 2014, the Company currently expects Finish Line comparable store sales to be up slightly and earnings per share to increase mid-single digit percent over fiscal year 2013 Non-GAAP diluted earnings per share of $1.47. Q4 Fiscal 2013 Conference Call Today, March 28, 2013 at 8:30 a.m. The company will host a conference call for investors today, March 28, 2013, at 8:30 a.m. Eastern. To participate in the live conference call, dial 866-923-8645 (U.S. and Canada) or 660-422-4970 (International), conference ID #20256127. The live conference call will also be accessible online at www.finishline.com. A replay of the conference call can be accessed approximately two hours following the completion of the call by dialing 855-859-2056, conference ID #20256127. This recording will be made available through Thursday, April 4, 2013. The replay will also be accessible online at www.finishline.com. Annual Meeting July 18, 2013 The company’s Board of Directors has established July 18, 2013 as the date of the 2013 annual meeting of shareholders, with May 17, 2013 as the record date for this meeting. Disclosure Regarding Non-GAAP Measures This report refers to certain financial measures that are identified as non-GAAP. The Company believes that these non-GAAP measures, including operating income, net income attributable to The Finish Line, Inc., and diluted earnings per share, are helpful to investors because they allow for a more direct comparison of the Company’s year-over-year performance and are useful in assessing the Company’s progress in achieving its long-term financial objectives. This supplemental information should not be considered in isolation or as a substitute for the related GAAP measures. A reconciliation of the non-GAAP measures to the comparable GAAP measures can be found in the Company’s Form 8-K filed with the Securities and Exchange Commission with this release.
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