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Finish Line Income Falls 62%

INDIANAPOLIS-Athletic shoe retailer Finish Line Inc. reports a net income of $845,000 during its third quarter.

By Dana Dubriwny | Updated on December 22, 2005

INDIANAPOLIS-Mall-based athletic shoe retailer Finish Line Inc. reported that its Q3 year-over-year net income fell 62% posting at $845,000, or 2 cents per share. Those results compare to a gain of $2.2 million or 4 cents per share last year. Consolidated net sales increased 16% to $274 million, compared to $235.3 million last year. Comparable store sales for the quarter, which ended Nov. 26, increased 4% from the 8% increase posted last year.

During the company’s third quarter earnings call Thursday, Chief Executive Officer Alan H. Cohen expressed his disappointment in the results. However, he reassured investors that the company was reviewing SGA expenses for the future. Cohen said the biggest gains during the quarter were made in men’s and children’s athletics, while women’s footwear sales declined.

Despite the drop in income for the quarter, the company remains committed to moving forth with its recently announced concept store, Paiva. The new store will target 25- to 40-year-old active women who exercise frequently and engage in multiple athletic activities.

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