The Finish Line Inc announced results for the third quarter representing the thirteen weeks ended November 25, 2006.
THIRD QUARTER RESULTS: Net loss for the thirteen weeks ended November 25, 2006 (the "third quarter" or "Q3") was $3.0 million (a loss of $.06 per diluted share) versus net income of $845,000 ($.02 per diluted share) for the thirteen weeks ended November 26, 2005 ("Q3 LY").
Diluted weighted average shares outstanding were 46,909,000 for Q3 versus 49,058,000 shares outstanding for Q3 LY.
Consolidated net sales increased 2.7 percent to $281.5 million for Q3 compared to $274.0 million reported for Q3 LY. Comparable store net sales decreased 3.3 percent for Q3 as compared to the 3.6 percent increase reported for Q3 LY.
Mr. Alan H. Cohen, Chairman and CEO, stated, "During Q3 we continued to shift the composition of our inventory by blending the newest technology and performance footwear with complementary sport inspired life style products."
"These actions enabled us to improve comparable sales results versus the second quarter, although our footwear sales for the third quarter were slightly negative on a comparable store basis."
YEAR-TO-DATE RESULTS: Net income for the thirty-nine weeks ended November 25, 2006 ("YTD") was $11.3 million ($.24 per diluted share) versus net income of $32.5 million ($.65 per diluted share) for the thirty-nine weeks ended November 26, 2005 ("YTD LY").
Diluted weighted average shares outstanding were 47,882,000 for YTD versus 49,605,000 shares outstanding for YTD LY.
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