USA: Finish Line Q1 Sales Soar 22%, Lifts Outlook
Sports shoe chain Finish Line Inc on Thursday posted a healthy rise in first quarter same-store sales and significantly raised its quarterly and full year profit targets.
The Indianapolis-based operator of nearly 500 outlets said same-store sales rose 14 per cent in the 13 weeks ended May 31 and added total sales jumped 22 per cent to $207.8 million from $170.5m in the year-ago period.
The firm said it now expects first quarter earnings in the range of 26 to 28 cents a share, up from its original forecast of 17 to 19 cents a share, with full year earnings now seen at $1.15 to $1.20 a share compared to its outlook of 99 to $1.03 a share.
President and CEO, Alan Cohen, stated: "We are extremely pleased with our first quarter sales which exceeded plan and were driven by strength in men's, women's and children's footwear led by Nike along with accelerating performance in apparel, especially from licensed products.
"During the first quarter, footwear comparable store sales increased 10 per cent and apparel/accessories comparable store sales increased 37 per cent.
"For the first quarter, we anticipate the gross profit percentage to improve over first quarter last year, in spite of the ongoing promotional retail environment and the company's clearance of goods to keep inventory fresh."
Companies: Nike Inc
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