Alan Cohen, Chief Executive Officer of athletic shoe and apparel retailer Finish Line Inc has announced results for the first quarter ended May 27th 2006.
The net income for the thirteen weeks ended May 27th 2006 ('Q1') was $4.4 million or $.09 per diluted share versus $12.7 million or $.26 per diluted share reported for the thirteen weeks ended May 28th 2005 ('Q1 LY').
Consolidated net sales decreased 1 percent to $289.0 million for Q1 compared to $291.3 million reported for Q1 LY. Comparable store net sales decreased 7.2 percent for Q1 as compared to a 1.7 percent increase reported for Q1 LY.
Merchandise inventories on a consolidated basis were $298.4 million at May 27th 2006 compared to $259.8 million at May 28th 2005. On a per square foot basis, Finish Line store merchandise inventories increased approximately 6 percent compared to one year ago.
Cohen stated, "Our net income per diluted share of $.09 is within the revised range of $.08 - $.10 we announced in our May 18th release. Our ending inventory for the quarter was slightly higher than plan and we are taking necessary actions to get back to more appropriate levels by the end of the third quarter. Our balance sheet remains strong with over $60 million in cash and marketable securities and no interest bearing debt."
The company operated 669 Finish Line stores at May 27th 2006, an increase of 7 percent over the 625 stores operated one year ago. For the quarter, it opened 14 new stores, remodeled 5 existing stores and closed 2 stores with retail square footage increasing 6 percent to 3,759,000 at May 27th 2006 versus 3,547,000 at May 28th 2005.
marketing@alchempro.com
