The Finish Line Inc. (Indianapolis) reported a 25 percent increase in net income for the company’s third quarter ended Nov. 27, 2004.
Net sales increased 16 percent and same-store sales increased 8 percent.
Year-to-date, net income was up 24 percent, net sales up 18 percent and same-store sales up 9 percent.
“We are pleased with our third quarter operating results,” said ceo Alan Cohen. “We continue to capture market share and improve operating profit as gross profit margin increased 70 basis points from [last year’s third quarter]. Our sales for the important holiday season were very strong and exceeded plan. Comparable store sales for the five-week period ended Jan. 1, 2005 increased 9 percent, on top of a 22 percent gain for the same period last year.”
The sporting goods shoe and apparel retailer operated 592 stores as of Nov. 27, 2004, an increase of 11 percent over a year earlier. It had opened 65 of a planned 71 new stores through November 27, remodeled 26 existing stores and closed four stores. Total retail square footage increased 10 percent.