Finish Line and Retailers and Retail and Real Estate & Retail

Finish Line sees strong quarterly profit on big revenue rise

December 20, 2013

The Finish Line Inc. said Friday that strong same-store sales and improvements on its website helped the company report a profit in its latest quarter.

For its fiscal third quarter ended Nov. 30, the Indianapolis-based sports-apparel retailer earned $2.3 million, or 5 cents per share, compared with a loss of $107,000, or less than a penny a share, in the year-ago period.

The earnings beat estimates by analysts polled by Thomson Reuters by 4 cents per share.

Revenue rose 22.9 percent, to $364.5 million.

The company raised its full-year earnings forecast to a range of $1.60 to $1.65 a share from last year's earnings of $1.47 per share.

Same-store sales, which exclude sales at stores open less than a year, were up 7.1 percent, compared with 3.6 percent in the year-ago quarter.

“Our commitment to developing a premier omni-channel platform is strengthening both our customer relationships and our brand partnerships while also reinforcing our market leadership position,” Finish Line CEO Glenn Lyon said in a prepared statement.

Finish Line ditched a new website design last December after it failed to meet expectations. The company estimated it lost $3 million in sales during the less-than-three-week period the site operated.

Company shares were trading for about $28 apiece midday Friday, a 52-week high.

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