Finish Line had a good run in Q2

The Finish Line Inc. on Friday posted Q2 sales that topped analysts expectations and announced a quicker-than-planned transition for its executive chairman



The athletic goods retailer reported a profit of $22.1 million, or 53 cents a share, in line with expectations, down from $25.9 million, or 57 cents a share, a year earlier.



Consolidated net sales for the quarter, ended Aug. 31, rose a 5.4% to $509.4 million, better than expected. Same-store store sales increased 5.1%, also topping forecasts.



“Following a solid start to the year, our comparable store sales accelerated during the second quarter,” said Sam Sato, CEO, Finish Line. “The combination of top-line growth and disciplined expense management allowed us to partially offset the planned gross margin pressure from our successful inventory reduction actions and deliver earnings in-line with expectations.”



Finish Line said that its board has approved an updated timetable for former CEO Glenn Lyon’s transition to non-executive chairman of the board, effective Sept. 23. The company had originally said that Lyon, who stepped down as CEO in February, would remain as executive chairman until the year of the year.



“Throughout our multi-year succession plan, Glenn and Sam worked diligently to develop a seamless and effective transition plan leading us to today,” said Bill Carmichael, lead director of The Finish Line board. “With their continued collaboration and a fully immersed leadership team focused on Finish Line’s growth and profitability, we reached this transition quicker than originally anticipated.”



Headquartered in Indianapolis, Finish Line has approximately 980 Finish Line locations, primarily in U.S. malls, and in shops inside Macy's department stores.