Finish Line meets sales expectations to start fiscal 2017

By

Obi Anyanwu

Published
Jun 24, 2016

The Finish Line, Inc. reported on Friday its first quarter results for fiscal 2017 ended May 28, 2016.

 
Consolidated net sales increased 2.3% to $453.5 million and comparable store sales increased 1.5%. Consolidated merchandise inventories increased 9.0% to $352.3 million from $323.3 million.
 
Diluted earnings per share were $0.23, and the company repurchased 1.0 million shares of its common stock in the first quarter, totaling $21.3 million. Finish Line has 1.3 million shares remaining on its repurchase program.

In addition, net income dropped to $9.6 million from $13.7 million.
 
“We delivered first quarter results that were in line with expectations despite the challenging retail environment,” said Sam Sato, Chief Executive Officer of Finish Line. “Importantly, we’ve made further progress toward optimizing our supply chain and improving execution throughout the enterprise. We remain focused on successfully executing the strategic initiatives for our Finish Line, Macy’s, and JackRabbit businesses while creating an operating model that drives profitable growth and generates shareholder value consistently over the long term.”
 
Also in the first quarter, Finish Line appointed John Hall as Executive Vice President, Divisional President and Chief Merchandising Officer. He joined the company from Nordstrom in May.
 
Finish Line expects its comparable store sales to increase in range of 3% to 5% in the fiscal year, and its earnings per share to be in range of $1.50 and $1.56.