Alan H. Cohen, Chief Executive Officer of The Finish Line Inc announced earnings for the second quarter representing the thirteen weeks ended August 26, 2006.
SECOND QUARTER RESULTS:
Net income for the thirteen weeks ended August 26, 2006 (the "second quarter" or "Q2") was $9.9 million ($.21 per diluted share) a decrease of 47 percent versus net income of $18.9 million ($.38 per diluted share) for the thirteen weeks last year ended August 27, 2005 ("Q2 LY").
Diluted weighted average shares outstanding were 47,612,000 for Q2 versus 49,854,000 shares outstanding for Q2 LY.
Net sales decreased 0.9 percent to $338.6 million for Q2 compared to $341.6 million reported for Q2 LY.
Comparable store net sales decreased 6.6 percent for Q2 as compared to the 1.9 percent decrease reported for Q2 LY.
YEAR-TO-DATE RESULTS:
Net income for the twenty-six weeks ended August 26, 2006 ("YTD") was $14.3 million ($.30 per diluted share) a decrease of 55 percent versus net income of $31.6 million ($.63 per diluted share) for the twenty-six weeks last year ended August 27, 2005 ("YTD LY").
Diluted weighted average shares outstanding were 48,119,000 for YTD versus 49,878,000 shares outstanding for YTD LY.
Net sales decreased 0.8 percent to $627.7 million for YTD compared to $632.8 million for YTD LY. Comparable store net sales decreased 6.8 percent for YTD versus a 0.3 percent decrease reported for YTD LY.
Merchandise inventories on a consolidated basis were $322.7 million at August 26, 2006 compared to $280.0 million at Q2 LY. On a per square foot basis, Finish Line store merchandise inventories increased 6 percent compared to one year ago.
marketing@alchempro.com
