Finish Line Q2 Results Top Estimates; Backs FY Profit View - Quick Facts

(RTTNews) - Finish Line Inc. (FINL), a retailer of athletic shoes, apparel and accessories, Friday reported that its second-quarter net income attributable to the company increased to $26.51 million or $0.54 per share, from $24.97 million or $0.49 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose to $436.03 million from $385.01 million in the prior year quarter. Thirteen analysts had consensus revenue estimate of $426.39 million for the quarter. Finish Line comparable store sales increased 0.9%.

"The combination of positive comparable sales and good expense control drove a 10% increase in earnings per share over last year. At the same time, we continued to make good progress building our business with Macy's and growing our Running Specialty Group. Looking ahead, we are cognizant of the headwinds currently facing the retail industry and this has been incorporated into our near-term planning. We remain confident that our strategy to create a leading multi-divisional, omni-channel business will lead to sustainable sales and earnings growth and increased shareholder value over the long term," said Chairman and Chief Executive Officer, Glenn Lyon.

For the fiscal year ending March 1, 2014, the company now expects Finish Line comparable store sales to increase low single digits compared to its previous expectation for a slight increase. The company still expects earnings per share to increase mid-single digit percent over fiscal year 2013 Non-GAAP earnings per share of $1.47. Analysts expect the company to report earnings of $1.57 per share for fiscal year.