Financial/Banking

Indianapolis – The Finish Line Inc. finished ahead of Wall Street expectations for profit and revenue in the first quarter of fiscal 2016. Net income rose 29% to $13.73 million from $10.65 million in the prior year period.

A higher gross profit, as well as significantly lower impairment and store closing charges, drove the increase in net income. Net sales grew 9% to $443.39 million from $406.53 million. Same-store sales at the Finish Line banner increased 5.5%.

Cincinnati – The Kroger Co. is responding to explosive financial performance with a two-for-one stock split, dividend increase and share buyback program. Kroger has delivered double-digit compound growth in its dividend since it was reinstated in 2006, and expects further growth.

The CEO of the Finish Line Inc. says the company is poised for consistent growth and increased profitability after posting an increase in same store sales in the first quarter.

The Finish Line Inc. said profit rose 11% in the first quarter ended May 30. Same store sales rose 5.5%.

Camp Hill, Pa. – Shareholders of Rite Aid Corp. have voted to tighten the reins of the “golden parachute” payment CEO John Standley will receive if the company is acquired and he loses his job as a result. Standley had previously been slated to receive $42 million in such an event, including $31.6 million in vested equity.

Montreal - Metro Inc. intends to purchase up to 450,000 shares of its stock from in a private transaction with an “arm’s-length” third-party seller on or before Sept. 9, 2015. The price will be privately negotiated and a t a discount from the prevailing market price.

These purchases will form part of Metro's 17.1 million share repurchase program announced in September 2010 and renewed in September 2014.
 

New York – Barnes & Noble Inc. beat Wall Street expectations, sharply reducing its loss even as sales fell.

The bookseller reported a net loss of $19.42 million in the fourth quarter of fiscal 2015, down from a loss of $36.7 million in the year-ago period. Reductions in selling, general and administrative (SG&A) and interest expenses, as well as lower depreciation and amortization, drove the decline in net loss.

Dollar General Corp. has promoted one of its finance executives to serve as interim chief financial officer.

The company says John W. Garratt will serve as interim chief financial officer effective July 1. He follows David Tehle, who had previously announced his retirement in March.

Union, N.J. – Bed, Bath & Beyond Inc. missed Wall Street expectations for profit and same-store sales during a not-so-comfy first quarter of 2015. Net earnings dropped 18% to $158.5 million from $187.1 million, with increased selling, general and administrative (SG&A) and interest expenses offsetting higher gross profit.

Net sales totaled $2.74 billion, an increase of 3% from $2.66 billion. Same-store sales increased by 2.2%, including the negative impact of Canadian currency fluctuation.