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Finish Line's 3Q Profits Drop 62%
DECEMBER 21, 2005 --
The Finish Line, Inc. reported profits tumbled 62% in its third quarter ended Nov. 26, to $845,000 ($.02 per diluted share) from $2.2 million ($.04 per diluted share).
Consolidated net sales increased 16% to $274.0 million from $235.3 million a year ago. Comparable store net sales increased 4 for Q3 on top of an increase of 8% (reported for Q3 LY.
Alan H. Cohen, CEO of The Finish Line, stated, "For the quarter, our sales exceeded plan with improved product margins. Our diluted income per share of $.02 is within the range of $.01- $.03 we announced in our third quarter sales release. During the
quarter, we continued to make important investments in our infrastructure as we prepare to accelerate store openings for Man Alive and launch Paiva, our new women's concept, with the first store scheduled to open in April of next year."
Net income for the thirty-nine weeks was $32.5 million ($.65 per diluted share), a decrease of 2% versus net income of $33.1 million ($.67 per diluted share) for the thirty-nine weeks last year. Consolidated net sales increased 13% to $906.8 million
YTD compared to $805.4 million. Comparable store net sales
increased 1% on top of a 9 increase reported for YTD LY.
Merchandise inventories on a consolidated basis (including Man Alive) were $311.5 million at November 26, Finish Line store merchandise inventories were $301.6 million compared to $263.7 million at November 27, 2004. On a per square foot basis, Finish Line store merchandise inventories increased 4.6% compared to one year ago and are on plan.
The Company operated 658 Finish Line stores at November 26, 2005, an increase of 11% over the 592 stores operated one year ago. For the quarter, Finish Line opened 20 new stores, remodeled 6 existing stores and closed one store with retail square footage increasing 9% to 3,707,000 at November 26,
2005 versus 3,389,000 at November 27, 2004.
The Company opened 11 new Man Alive stores during the third quarter and plans for two additional store openings in Q4. As of November 26, 2005, Man Alive operated 49 stores totaling 149,000 square feet.
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The Finish Line Inc.
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Alan H. Cohen
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