• Q3 net income fell 38% to $4.1m
  • Net sales rose 8.7% to $260.9m
  • Comparable store net sales increased 10.1% 

Third quarter profit at athletic footwear and apparel retailer The Finish Line Inc has slipped 38% after higher sales were unable to offset the benefit of a tax gain last year.

Net income in the three months to 27 November fell to $4.1m or $0.08 per share, down from $6.6m or $0.12 per share a year ago. Last year's results were lifted by a tax benefit of $6.4m.

Net sales rose 8.7% to $260.9m, up from $240.1m a year ago. Comparable store net sales increased 10.1%.

"We continue to exceed our internal performance targets, yet there is more growth to come within our existing business," said chairman and CEO Glenn Lyon.

"We believe that we can achieve annual double digit operating margins in the future by continuing to drive the top line in our stores and by accelerating growth in e-commerce, which will become an increasingly more significant factor in our business moving forward."