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Finish Line Q3 profit down on lack of tax benefit
New York City -- The Finish Line said Tuesday that its fiscal third-quarter net income fell 37% as a one-time leg up from a tax windfall last year was not repeated.
Net income in the three months to Nov. 27 hit $4.1 million, from $6.6 million a year ago. Last year's tax benefit amounted to $6.4 million. Revenue rose 9% to $260.9 million, from $240.1 million. Same-store sales were up 4.5% from Nov. 28 through Dec. 19, compared with the same period a year ago.
The results were better than analysts’ estimates.
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Let it ride: CarMax posts 16% 3Q comp
American consumers had more than holiday shopping on their mind during the third quarter as evidenced by record sales results from CarMax. The nation’s largest seller of used cars with 103 superstores nationwide said its same-store sales increased 16% during then third quarter ended November 30. Total sales increased by 23% to slightly more than $2.1 billion and earnings per share of 36 cents were two cents better than analysts forecast.