Finish Line Q3 profit down on lack of tax benefit
New York City -- The Finish Line said Tuesday that its fiscal third-quarter net income fell 37% as a one-time leg up from a tax windfall last year was not repeated.
Net income in the three months to Nov. 27 hit $4.1 million, from $6.6 million a year ago. Last year's tax benefit amounted to $6.4 million. Revenue rose 9% to $260.9 million, from $240.1 million. Same-store sales were up 4.5% from Nov. 28 through Dec. 19, compared with the same period a year ago.
The results were better than analysts’ estimates.
“Staying focused on the strategic plan we developed last year has again helped Finish Line deliver strong results," said chairman and CEO Glenn Lyon. "We continue to exceed our internal performance targets, yet there is more growth to come within our existing business. 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."