Finish Line store merchandise inventories flat in Q4 2006
30 Mar '07
3 min read
The Finish Line Inc announced results for the fourth quarter and fiscal year ended March 3, 2007.
Fourth Quarter Results: Net income for the fourteen weeks ended March 3, 2007 (fourth quarter or Q4) was $21.1 million ($.44 per diluted share) versus net income of $28.1 million ($.58 per diluted share) for the thirteen weeks ended February 25, 2006 (Q4 LY).
Included in Q4 is a pre-tax charge of $7.5 million ($.10 per diluted share) for the asset impairment of 19 underperforming stores. Additionally, the Company estimates that the Q4 results benefited from the additional week by $.08 per diluted share. Diluted weighted average shares outstanding were 47,557,000 for Q4 versus 48,704,000 shares outstanding for Q4 LY.
Consolidated net sales increased 7.5% to $429.0 million for Q4 compared to $399.2 million reported for Q4 LY. Excluding the fourteenth week this year (approximately $24.2 million of sales), sales increased 1.4% from the same thirteen-week period last year. Comparable store net sales decreased 5.4% for Q4 as compared to the 0.4% comparable store sales gain reported for Q4 LY.
Full Year Results: Net income for the fifty-three week year ended March 3, 2007 ("Fiscal 2007") was $32.4 million ($.68 per diluted share) as compared to net income of $60.5 million ($1.23 per diluted share) for the fifty-two week year ended February 25, 2006 ("Fiscal 2006"). Diluted weighted average shares outstanding were 47,801,000 for Fiscal 2007 versus 49,381,000 shares outstanding for Fiscal 2006.
marketing@alchempro.com
