The Finish Line Inc.’s third-quarter profits shot up 34.6 percent as the retailer saw solid sales growth and a big boost from e-commerce.
Net income rose to $5.5 million, or 11 cents a diluted share, from $4.1 million, or 8 cents, a year earlier. Earnings per share met Wall Street’s expectations.
Sales for the three months ended Nov. 26 rose 8.1 percent to $282 million from $260.9 million. Comparable-store sales at the firm’s main business, Finish Line, rose 7.7 percent, while digital sales, which were included in comps, rose 60.8 percent.
“It is the interplay of social media and technologies such as mobile, along with digital and bricks-and-mortar channels, that is the sweet spot for Finish Line,” said Glenn Lyon, chairman and CEO. “We continue to invest with purpose in technology, marketing and digital to drive the Finish Line brand business while also supporting a multidivisional growth strategy.”
The firm has 646 Finish Line stores in malls across the U.S., as well as 19 doors under The Running Co. banner.