Shares of Finish Line Inc (FINL
) were up nearly 6% on Friday morning after the company reported better than expected third quarter results and raised its FY2014 outlook.
FINL’s Earnings in Brief
-FINL reported Q3 earnings of $2.32 million, compared to a a loss of $0.11 million a year ago. On a per share basis, earnings were 5 cents per share.
-On a Non-GAAP basis, EPS came in at 6 cents, 5 cents above analysts’ estimate of 1 cent.
-Revenue for the quarter rose to $364.5 million, up from $296.62 million last year. Analysts expected to see revenue of $354.57 million.
-Comparable store sales increased 7.1% during the quarter.
-Looking ahead, FINL has raised its outlook for FY2014 and now sees earnings between $1.60 and $1.65 per share. Analysts expect to see earnings of $1.59 per share.
CEO Commentary
Chairman and CEO, Glenn Lyon commented: “We are very pleased with the top and bottom line performance we delivered in the third quarter. Our commitment to developing a premier omni-channel platform is strengthening both our customer relationships and our brand partnerships while also reinforcing our market leadership position. We are continually adapting and refining our strategies in this rapidly evolving retail landscape to ensure we meet the needs of today’s empowered consumer. Finish Line is on the right strategic course and is well-positioned to deliver on our near and longer term goals.”
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FINL’s Dividend
FINL made no mention of when its next quarterly dividend will be, as the company just paid a 7 cent dividend on December 16. However, it is likely that FINL will announce a 1 cent dividend increase in January.
Stock Performance
Finish Line shares were up $1.54, or 5.89%, during pre-market trading Friday. The stock is up 38% YTD.
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