Finish Line Reverses Loss in 2Q
Indianapolis Growing sales helped Finish Line report a profit for the second quarter.
For the three months ending Aug. 30, Finish Line earned $13.2 million, compared with an income of $6.9 million for the 13 weeks ended Sept. 1, 2007. Meanwhile, the retailer’s revenue climbed nearly 4% to $353.3 million, up from $340 million a year ago.
Same-store sales also jumped for the quarter. The chain reported a 4.7% increase compared to a year ago. Individual banners each reported same-store increases as well. Finish Line increased its sales by 4.7% for the quarter, while its Man Alive brand’s same-store sales increased by 1.3%.
The chain credits the increases to “the continued progress we are making in the execution of our strategic merchandising plans and inventory management," chief executive Alan H. Cohen said in a statement. “The company's financial position remains strong as we ended the quarter with $65 million in cash, an improvement of $31 million year over year, and no interest-bearing debt."