Alan H Cohen, Chief Executive Officer of nation's leading athletic specialty retailers Finish Line Inc announced results for the fourth quarter and fiscal year ended February 25, 2006.
FOURTH QUARTER RESULTS: Net sales increased 10 percent (ten percent) to $399.2 million for the thirteen weeks ended February 25, 2006 (the "fourth quarter" or "Q4") compared to $361.4 million reported for the thirteen weeks last year ended February 26, 2005 ("Q4 LY"). Comparable store net sales were flat (zero percent) for Q4 as compared to an 8 percent (eight percent) increase reported for Q4 LY.
Net income for Q4 was $28.1 million or $.58 per diluted share versus $28.2 million or $.57 per diluted share for Q4 LY. Included in Q4 is a pre-tax charge of $2.5 million ($.03 per diluted share) for the impairment of assets of twelve underperforming Finish Line stores. Also, the Company's effective tax rate was adjusted in Q4 resulting in a year-to-date effective tax rate of 38.9 percent. The increase in the effective rate resulted from an increase in the Company's expected state income taxes.
FISCAL YEAR RESULTS: Net sales increased 12 percent (twelve percent) to $1.306 billion for the fifty- two weeks ended February 25, 2006 ("Fiscal 2006") compared to $1.167 billion for the fifty-two weeks ended February 26, 2005 ("Fiscal 2005"). Comparable store net sales increased 1 percent (one percent) for Fiscal 2006 on top of a 9 percent (nine percent) increase for Fiscal2005.
marketing@alchempro.com
