Finish Line's profit more than doubles; shares up

Published on NewsOK Modified: June 27, 2014 at 8:54 am •  Published: June 27, 2014
Advertisement
;

INDIANAPOLIS (AP) — The Finish Line Inc. said Friday that its net income more than doubled in the first quarter from a year ago, as the sneaker and clothing retailer expanded its presence online and in Macy's stores around the country.

Its results beat Wall Street expectations, and its shares rose more than 3 percent in morning trading Friday.

CEO Glenn Lyon said the company integrated its stores with its website, making shopping online more seamless for customers. He also said Finish Line is reaching new customers with the shops it operates inside Macy's stores.

The company said its net income rose to $12.4 million, or 25 cents per share, in the three months ending May 31, compared with $5.1 million, or 10 cents per share, in the same period a year ago. Revenue rose 15.8 percent to $406.5 million from $351 million.

Analysts, on average, expected earnings of 21 cents per share and revenue of $394.2 million, according to FactSet.

The Indianapolis company runs about 900 Finish Line stores around the country, including 260 of them inside Macy's. It also runs 58 running shops under the name The Running Company, Run On!, Blue Mile, Boulder Running Company, Roncker's Running Spot, Running Fit and VA Runner.

The company said it expects its earnings per share for the full year to increase in the high single to low double digit range from its earnings of $1.66 per share the year before. It didn't provide a specific number. Analysts expect earnings of $1.85 per share for the year ending February 2015, which is an 11 percent increase from the year before.

Finish Line's Shares rose 92 cents, or 3.2 percent, to $30.07 in morning trading.