The Finish Line Inc. delivered what the street wanted.
For the first quarter ended May 28, 2011, the firm earned a net income of $16.4 million, or 30 cents a share, about a 20 percent increase from $13.6 million, or 25 cents, from the same period a year earlier.
Net sales at the Indianapolis-based retailer advanced 6 percent to $299.5 million, from $282.4 million. Comparable-store sales increased 6.5 percent, compared with 10.9 percent for the same period a year ago.
Analysts were looking for earnings per sale of 30 cents, as polled by Yahoo Finance.
“This is the seventh consecutive quarter that we delivered an increase in comp-store sales and EPS,” Finish Line Chairman and CEO Glenn Lyon said in a statement.
“[We] drive sustained growth through a variety of consumer environments and external conditions,” he added. “We are optimistic about our future and the initiatives we are undertaking to grow our existing business, expand beyond our core business and deliver returns to our shareholders.”
Inventories were up 6 percent per square foot at the end of the quarter. The company also ended the period with $287 million in cash and cash equivalents, up from $248.1 million in the year-ago period, and no long-term debt.
The firm also said second-quarter comps are accelerating, as they increased 14.5 percent for the period of May 29 through June 19, 2011, compared with a 6.8 percent increase for the same period a year ago.