Strong third-quarter sales at footwear retailer Finish Line and elevated expectations for the full-year were attributed to the company’s approach to integrated commerce.
Sales for the third quarter ended November 30 increased 22.9% to $364.5 million and same store sales advanced 7.1%. Profits increased to $2.3 million from a prior year loss of $107,000 at the operator 658 athletic footwear stores and 198 branded footwear departments at Macy’s.
“We are very pleased with the top and bottom line performance we delivered in the third quarter,” said Finish Line chairman and CEO Glenn Lyon. “Our commitment to developing a premier omni-channel platform is strengthening both our customer relationships and our brand partnerships while also reinforcing our market leadership position. We are continually adapting and refining our strategies in this rapidly evolving retail landscape to ensure we meet the needs of today’s empowered consumer.”
He added that Finish Line is on the right strategic course and is well-positioned to deliver on its near and longer term goals. As a result, the company elevated its expectations for same store sales growth during the fiscal year ending March 1, 2014 to a range of 3% to 4% from a prior forecast of a low single digit gain. The company now expects adjusted earnings per share to increase 9% to 12% to $1.60 to $1.65 per share, above an earlier forecast that called for a mid-single digit increase.