Finish Line pulls ahead with Q3 income

Indianapolis – The Finish Line Inc. reported an 11% improvement in net income during the third quarter of fiscal 2014, rising to $2.58 million from $2.32 million. Lower impairment and store closing charges, a slowed pace of growth in cost of sales, and an income tax benefit all helped spur the growth in profit.



Consolidated net sales were $395.8 million, an increase of 9% from $364.45 million. Same-store sales rose 4.5%.

“Third quarter comparable sales rebounded from second quarter trends, however merchandise margin pressure kept us from achieving our profitability plan,” said Glenn Lyon, chairman and CEO of Finish Line. “We’ll continue to invest in the omnichannel initiatives focused on delivering long-term financial goals. That said, we are adjusting our near-term capital spending plans and creating a more flexible expense structure to protect profitability until stronger full price selling trends reemerge.”



Finish Line lowered it earnings per share guidance for fiscal 2014 and also expects same-store sales growth in the low-to-mid single digits for the year.