The Company’s net sales rose 6% and amounted to $299.5 million in the first quarter against $282.4 million a year ago. Its comparable store sales showed a rise of 6.5% in the first quarter against a rise of 10.9% year over year.
The Company booked the income from continuing operations for the relevant period amounting $16.4 million, which meant $0.30 for each diluted share, against income from continuing operations of $13.7 million, which came to $0.25 for each diluted share, a year ago, and it reflects a 20% earnings per share rise.
Finish Line’s merchandise inventories rose 4.4% and worth $206.5 million at the end of the quarter as against $197.8 million a year ago. However on a per-square foot basis, inventories has risen 5.8%.
In addition at the close of the quarter, the company did not have any interest-bearing debt and possessed $287.0 million in cash and cash equivalents, raised against $248.1 on year over year basis. Finish Line repurchased 0.4 million shares of its outstanding common stock in the first quarter and totaled $9.6 million.
Finish Line Chairman and Chief Executive Officer Glenn Lyon remarked that the story of the first quarter was delivering growth on top of a strong performance a year ago and that it is the seventh consecutive quarter that they have delivered rise in comp store sales and non-GAAP EPS. He added that in the first quarter, the Company achieved 20% EPS growth on top of the strong earnings that they drove a year back. Their comp store sales moved forward 6.5% in Q1 against a 10.9% rise last year and they have improved across virtually all other key metrics.
Furthermore the Company’s comparable store sales on a month-to-date basis for the period of May 29, 2011 to June 19, 2011 grew 14.5% against a 6.8% rise year to year.
The Finish Line, Inc. is a mall-based specialty retailer in United States.
The shares of the Company closed at $23.17 on Thursday after increasing 3.95%. During the day it ranged at $21.94 – $23.21. Its market cap amounted $1.25 billion with price earnings of 18.35.