Finish Line swings to Q3 profit, beats Street

Indianapolis -- Finish Line reported net earnings of $1.59 million in the third quarter of fiscal 2014, a return to profitability after reporting a net loss of $809,000 in the same period of the prior fiscal year.

Consolidated net sales were $364.5 million, up about 23% from $296.6 million and ahead of the $353 million projected by Wall Street.

Same-store sales grew 7.1%, helping to produce the retailer’s successful results. For fiscal year 2014, Finish Line now expects same-store sales to increase approximately 3%-4% compared to its previous expectation for a low single digit increase.

“We are very pleased with the top and bottom line performance we delivered in the third quarter,” said chairman and CEO Glenn Lyon. “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. We are continually adapting and refining our strategies in this rapidly evolving retail landscape to ensure we meet the needs of today’s empowered consumer. Finish Line is on the right strategic course and is well-positioned to deliver on our near and longer term goals.”

 

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