Finish Line puts up strong Q2 results
Indianapolis – The Finish Line posted increases in net income, net sales and same-store sales during the second quarter of fiscal 2013. Net income totaled $26.19 million, up 6.1% from about $24.44 million a year earlier.
Consolidated net sales were $436 million, up 13.3 % from $385 million in the same quarter the previous year. Same-store sales rose 0.9%.
For the fiscal year ending March 1, 2014, the company now expects Finish Line comparable store sales to increase low single digits compared to its previous expectations for a slight increase.
“We are pleased to have delivered a solid second quarter performance,” said Finish Line chairman and CEO Glenn Lyon. “The combination of positive comparable sales and good expense control drove a 10% increase in earnings per share over last year. At the same time, we continued to make good progress building our business with Macy’s and growing our Running Specialty Group.”
Weather Trends: October 2013
October 2013 is projected to be the coolest in four years for the U.S. as a whole. Expect colder year-on-year trends across the Northeast and Southwest, especially during retail weeks one, three and four. Wetter trends will encompass the Texas to Louisiana Gulf Coast, where tropical storm and hurricane potential will be the highest should any storms develop this month and threaten the U.S. mainland. The northern tier of the U.S. will trend drier than last year, especially across the Great Lakes. Colder weather during the final two weeks of the month in the East will bring renewed interest from shoppers as they seek out seasonal apparel and Halloween supplies. Across the East, demand for items like coats, boots, sweaters and hats will start off the month slowly, but will pick up considerably by the latter half of October. As we approach the late month period, we will be dealing with tough comparisons to last year when many on the East Coast were preparing for Superstorm Sandy. Retailers in the Northeast will need to assess inventory allocation as emergency relief supplies will see less demand, while more typical autumn categories, like apparel and Halloween items, will see stronger demand.
Weather Trends International offers year-ahead business weather forecasts and intelligence to hundreds of major retailers, suppliers, and we also support many commodity/energy traders. We offer an unparalleled competitive advantage by helping our clients proactively plan for the weather up to a year in advance. For more information on what we can do for you, please contact Jack Grum [email protected] or call 610-807-0118.
Report: KKR withdraws from Jones Group bidding
New York – Private equity firm KKR & Co. LP has reportedly dropped out of the auction for Jones Group Inc. According to Reuters, KKR, in partnership with private equity group Sycamore Partners LLP, was the only entity trying to buy the entire Jones Group company.
Bidding continues on parts of Jones Group and the company is soliciting new bids. It is not clear whether Sycamore Group will continue to bid on part or all of Jones Group and KKR, Sycamore Group and Jones Group did not comment in the article.