US: Finish Line swings to Q3 profit, ups guidance
- Q3 net profit of US$2.3m
- Net sales climb 2.9%
- Ups earnings and sales guidance
US athletic apparel and footwear retailer Finish Line has moved to a profit in the third quarter and raised its earnings and sales guidance for the full year.
Earnings in the three months to the end of November reached US$2.3m. This compared to a net loss of $107,000 in the year ago period.
Consolidated net sales were up 22.9% to $364.5m from $296.6m in the comparable period last year. Comparable store sales increased 7.1%.
"We are very pleased with the top and bottom line performance we delivered in the third quarter," said CEO Glenn Lyon. "Finish Line is on the right strategic course and is well-positioned to deliver on our near and longer term goals."
Finish Line raised its full-year earnings outlook to increase 9-12% to $1.60-$1.65, compared to its previous expectation for a mid-single digit increase. Comparable store sales are expected to increase around 3-4% from previous guidance of a low single digit increase.
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