Finish Line Reports 3Q14 Results

Friday morning, Finish Line Inc. FINL reported third quarter fiscal year 2014 results ending November 30, 2013.

Third Quarter Summary:

• Finish Line's consolidated net sales increased 22.9% to $364.5 million compared with the third quarter from last year.
• Comparable store sales increased 7.1%.
• GAAP EPS were reported at $0.05. Non-GAAP EPS, excluding the impairment charges impact, were $0.06.
• Finish Line's consolidated merchandise inventories increased from $301.7 million on December 1, 2012 to $360.5 million as of November 30, 2013. This 19.5% increase is directly correlated with the start-up of Macy's business.
• The company repurchased 200,000 shares ($5.2 million) of its common stock in the third quarter.
• Finish Line reported $111.9 million in cash and cash equivalents, versus $168.2 last year.

Guidance:

• The company expects comparable store sales to increase 3-4%.
• Non-GAAP earnings per share is expected to increase 9-11% to $1.60-$1.65, compared with FY13 Non-GAAP diluted EPS of $1.47.

Comments from Executives:

Glenn Lyon, Chairman and Chief Executive Officer of Finish Line, commented, “We are very pleased with the top and bottom line performance we delivered in the third quarter. Our commitment to developing a premier omni-channel platform is strengthening both our customer relationships and our brand partnerships while also reinforcing our market leadership position. We are continually adapting and refining our strategies in this rapidly evolving retail landscape to ensure we meet the needs of today's empowered consumer. Finish Line is on the right strategic course and is well-positioned to deliver on our near and longer term goals.”