Obi Anyanwu
Mar 25, 2016
Finish Line reports record $1.89 billion in sales for fiscal 2016
Obi Anyanwu
Mar 25, 2016
The Finish Line, Inc. announced Thursday its results for the fourth quarter and fiscal year 2016 ended February 27, 2016.
The company reported fourth quarter consolidated net sales of $580.3 million and a 4.6% increase in comparable store sales. For the full year of fiscal 2016, Finish Line reported a record $1.89 billion, an increase of 3.8% over the prior year. Comparable store sales increased over last year as well by a small margin of 1.8%.
“We worked diligently to improve digital fulfillment rates and flow new inventory to our stores during the fourth quarter which helped us achieve a mid-single digit comparable sales increase and adjusted earnings per share at the high-end of our guidance range,” said Sam Sato, Chief Executive Officer of Finish Line.
Finish Line repurchased 2.0 million shares of common stock in the fourth quarter totaling $34.3 million and repurchased 3.9 million shares in the full year totaling $79.9 million.
For the fiscal year, the company expects comparable store sales to increase in 3%to 5% range and earnings per share to be between $1.50 and $1.56.
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