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The Finish Line, Inc. (NASDAQ: FINL) today reported results for the fourth quarter and fiscal year 2014, representing the 13 and 52 weeks ended March 1, 2014.
Fourth Quarter Results:
Consolidated net sales were $518.9 million, an increase of 17.2% over the prior year period.
Finish Line comparable store sales increased 6.3%.
On a GAAP basis, diluted earnings per share increased 26.1% over the prior year to $0.87.
Non-GAAP diluted earnings per share, which excludes the impact of impairment charges and the gain on the sale of an investment, increased 14.5% to $0.87.
Fiscal Year 2014 Results:
Consolidated net sales were a record $1.67 billion, an increase of 15.7% over the prior year.
Finish Line comparable store sales increased 4.2%.
On a GAAP basis, diluted earnings per share increased 11.4% over the prior year to $1.56.
Non-GAAP diluted earnings per share, which excludes the impact of start up costs related to the launch of Macy’s business, impairment charges and the gain on the sale of an investment, increased 12.9% to $1.66.
“Our strong fourth quarter performance represented a great finish to a transformative year,” said Glenn Lyon, Chairman and Chief Executive Officer. “The successful execution of our consumer centric omni-channel strategy drove solid gains in our core business while growth initiatives contributed meaningfully to our record full year revenue and profits. We have a clear vision for building on our strong market position through innovative product, superior service, and effective consumer engagements. With that vision and our strong team, we move forward optimistic about our near and long-term growth prospects.”
As of March 1, 2014, consolidated merchandise inventories increased 24.8% to $304.2 million compared to $243.8 million as of March 2, 2013. The increase resulted primarily from the start-up of Macy’s business. For Finish Line, merchandise inventories increased 0.2%.