Finish Line consolidated net sales down 0.2% for Q1
29 Jun '07
2 min read
The Finish Line Inc announced results for the first quarter ended June 2, 2007.
For the thirteen weeks ended June 2, 2007 ("Q1"), the Company reported a net loss of $3.9 million, or $(.08) per diluted share, versus net income of $4.4 million, or $.09 per diluted share, for the thirteen weeks ended May 27, 2006 ("Q1 LY"). Diluted weighted average shares outstanding were 47,135,000 for Q1 versus 48,625,000 shares outstanding for Q1 LY.
Consolidated net sales decreased 0.2% to $288.3 million for Q1 compared to $289.0 million reported for Q1 LY. Comparable store net sales decreased 3.9% for Q1 as compared to a 7.2% decrease reported for Q1 LY.
Merchandise inventories on a consolidated basis were $308.1 million at June 2, 2007 compared to $298.4 million at May 27, 2006. As of June 2, 2007, on a per square foot basis, consolidated inventories decreased 3%, and Finish Line store merchandise inventories decreased 1% compared to one year ago.
Alan H. Cohen, Chief Executive Officer of Finish Line, stated, "During the quarter, we made progress in our efforts to increase our sport style offerings, including sandals and canvas footwear, to better align our product mix with consumer demand."
"Although the retail environment remains competitive, we have put in place both product and operating initiatives that we believe will lead to improvements in our business. Our goal is to remain committed to performance and to strengthen our position in sport style product in order to satisfy the expectations of our consumers."
Conference Call: As previously announced, the Company is hosting a live conference call at 8:30 am (ET) on Friday June 29th.
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