Finish Line net sales up 23% to $12.7mn for Q1 ended May 28
24 Jun '05
3 min read
One of the nation's leading athletic specialty retailer The Finish Line announced results for the first quarter ended May 28, 2005.
First Quarter Results:
Net income for the thirteen weeks ended May 28, 2005 ("Q1") was $12.7 million or $.26 per diluted share versus $10.4 million or $.21 per diluted share reported for the thirteen weeks last year ended May 29, 2004 ("Q1 LY"), an increase of 24% in diluted earnings per share. Diluted weighted average shares outstanding were 49,903,000 for Q1 versus 49,320,000 shares outstanding for Q1 LY.
Net sales increased 13% (thirteen percent) to $291.3 million for Q1 compared to $258.0 million reported for Q1 LY. Comparable store net sales increased 2% (two percent) for Q1 on top of a 14% (fourteen percent) increase reported for Q1 LY.
Merchandise inventories on a consolidated basis (including Man Alive) were $259.8 million at May 28, 2005. Finish Line store merchandise inventories were $255.6 million compared to $221.6 million at May 29, 2004. On a per square foot basis, Finish Line store merchandise inventories increased approximately 3% (three percent) compared to one year ago.
The Company operated 625 Finish Line stores at May 28, 2005, an increase of 14% (fourteen percent) over the 550 stores operated one year ago. For the quarter, Finish Line opened 28 new stores, remodeled 7 existing stores and closed 1 store with retail square footage increasing 12% to 3,547,000 at May 28, 2005 versus 3,164,000 at May 29, 2004. The Company also opened one Man Alive prototype store during the quarter, and as of May 28, 2005, Man Alive operated 38 stores totaling 107,000 square feet.
marketing@alchempro.com
