INDIANAPOLIS — The Finish Line reported first quarter net sales of $319 million, an increase of 6.5% from the same period last year. Comparable-store sales were up 8% on top of a 6.5% increase last year.
The company reported earnings of 24 cents per diluted share.
“Our first quarter comparable sales performance reinforces the Finish Line’s status as a premier destination for athletic footwear,” said chairman and CEO Glenn Lyon. “We are bringing the marquee brands and top products in our space to our consumers across multiple channels in an increasingly diverse way. As the consumer continues to redefine the retail experience, we are making investments behind an omni-channel strategy that we believe will strengthen our vendor relationships and enhance our connection with consumers. While we are still in the early stages of a multi-year transformation, I have great confidence in this organization’s ability to successfully deliver on our near-term promises while at the same time remain on a strategic course towards $2 billion in total company sales and $2.50 in earnings per share by fiscal 2016.”
Based on first quarter results, the company now expects earnings per share for the fiscal year ending March 2, 2013 to increase between 6 to 7% over the $1.53 in fiscal 2012.This guidance assumes an annual comparable store sales increase of 5 to 6%.
FInish Line is a retailer of athletic shoes, apparel and accessories that operates 640 Finish Line brand stores in malls across the United States, and The Running Specialty Group, which operates 19 specialty running shops in seven states and the District of Columbia under The Running Company banner.