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Finish Line Q1 2016 net sales increase 9.1%

Staff writer ▼ | June 27, 2015
The Finish Line reported results for the first quarter 2016 ended May 30, 2015. Consolidated net sales were $443.4 million, an increase of 9.1% over the prior year period.
Finish Line
Finish Line   Consolidated net sales were $443.4 million
Finish Line comparable store sales increased 5.5%. On a GAAP basis, diluted earnings per share increased to $0.30 from $0.25 in the prior year.

Non-GAAP diluted earnings per share, which excludes the impact of impairment charges and store closing costs increased to $0.30 from $0.28 in the prior year.

“Fiscal 2016 is off to a solid start,” said Glenn Lyon, chairman and chief executive officer of Finish Line.

“We’re delivering an enhanced customer experience with our commitment to offering latest and greatest merchandise assortments and providing world class service. We will continue to drive consistent growth and increased profitability across each of our divisions with focus on our customer-centric operating model. We are confident these strategies will translate into greater value for our shareholders over the long-term.”

As of May 30, 2015, consolidated merchandise inventories increased 9.6% to $323.3 million compared to $295.0 million as of May 31, 2014.

The company repurchased 1.25 million shares of common stock in the first quarter, totaling $31.3 million. The company has 5.0 million shares remaining on its current Board authorized repurchase program.

As of May 30, 2015, the company had no interest-bearing debt and $82.2 million in cash and cash equivalents.

For the fiscal year ending February 27, 2016, the company still expects comparable store sales to be up in the low single to mid single digit range and earnings per share to increase in the low single to mid single digit range over fiscal year 2015 non-GAAP diluted earnings per share of $1.67.