Finish Line Inc. finishes ahead in Q1

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%.

Glenn Lyon, chairman and CEO of Finish Line, said: “We’re delivering an enhanced customer experience with our commitment to offering latest and greatest merchandise assortments and providing world class service. We will continue to drive consistent growth and increased profitability across each of our divisions with focus on our customer-centric operating model. We are confident these strategies will translate into greater value for our shareholders over the long-term.”

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.

During the full fiscal year, Finish Line expects same-store sales to be up in the low-single to mid-single digit range and earnings per share to increase in the low-single to mid-single digit range.

The Finish Line has approximately 1,020 Finish Line branded locations primarily in U.S. malls and shops inside Macy’s department stores and employs more than 14,000 sneakerologists. Finish Line also operates the Running Specialty Group. This includes 76 specialty running stores in 17 states and the District of Columbia under The Running Company, Run On!, Blue Mile, Boulder Running Company, Roncker’s Running Spot, Running Fit, VA Runner, Capital RunWalk, Richmond RoadRunner, Garry Gribble’s Running Sports, Run Colorado, Raleigh Running Outfitters, Striders, Indiana Running Company and JackRabbit Sports banners.