Finish Line Q1 Profit More Than Doubles, Results Top Estimates; Backs FY Outlook

(RTTNews) - Athletic shoes and apparel retailer Finish Line, Inc. (FINL) reported that its first-quarter Net income attributable to the company significantly increased to $12.44 million from last year's $5.08 million, with earnings per share improving to $0.25 from $0.10 in the prior year.

Non-GAAP earnings per share, which excludes the impact of impairment charges in the current year and the impact of start-up costs related to the launch of the company's operations in Macy's in the prior year, increased 40.0% to $0.28 compared to $0.20 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose to $406.53 million from $351.05 million in the prior year. Wall Street analysts had a consensus revenue estimate of $394.47 million. comparable store sales increased 5.0%.

For the fiscal year ending February 28, 2015, the company still expects comparable store sales to be up mid single digits and earnings per share to increase in the high single to low double digit range over fiscal year 2014 non-GAAP earnings per share of $1.66. Analysts project annual earnings per share of $1.85.