Net income in the three months to November 27 fell to $4.1 million, or $0.08 per share, down from $6.6 million or $0.12 per share a year ago when the retailer’s results were lifted by a tax benefit of $6.4 million. Net sales rose 8.7% to $260.9 million, up from $240.1 million a year ago, according to Finish Line’s earnings report released Tuesday.
E-Commerce Picks Up
Same-store sales jumped 10% in the latest period, returning to double-digit percentage growth after a weak showing in the second quarter.
“We continue to exceed our internal performance targets, yet there is more growth to come within our existing business,” said Glenn Lyon, chairman and ceo. “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.”
In their conference call with retail analysts. company executives said they hope to improve margin by driving sales in stores and accelerating online-sales growth. Finish Line’s e-commerce business has “become an increasingly more significant factor in our business moving forward,” Lyon said, adding that online sales rose 25% in the quarter.