The Finish Line, Inc. (FINL) has reported a 10.89 percent rise in profit for the quarter ended May 30, 2015. The company has earned $13.79 million, or $0.30 a share in the quarter, compared with $12.44 million, or $0.25 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $13.89 million, or $0.30 a share compared with $13.80 million or $0.28 a share, a year ago. Revenue during the quarter grew 9.07 percent to $443.39 million from $406.53 million in the previous year period. Gross margin for the quarter contracted 36 basis points over the previous year period to 31.34 percent. Total expenses were 94.96 percent of quarterly revenues, down from 95.65 percent for the same period last year. This has led to an improvement of 69 basis points in operating margin to 5.04 percent.
Operating income for the quarter was $22.35 million, compared with $17.67 million in the previous year period.
However, the adjusted operating income for the quarter stood at $22.52 million compared to $19.98 million in the prior year period. At the same time, adjusted operating margin improved 16 basis points in the quarter to 5.08 percent from 4.92 percent in the last year period.
"Fiscal 2016 is off to a solid start," said Glenn Lyon, chairman and chief executive officer of Finish Line. "We're delivering an enhanced customer experience with our commitment to offering latest and greatest merchandise assortments and providing world class service. We will continue to drive consistent growth and increased profitability across each of our divisions with focus on our customer-centric operating model. We are confident these strategies will translate into greater value for our shareholders over the long-term."
Working capital declines The Finish Line, Inc. has witnessed a decline in the working capital over the last year. It stood at $304.37 million as at May 30, 2015, down 14.44 percent or $51.36 million from $355.74 million on May 31, 2014. Current ratio was at 3.25 as on May 30, 2015, up from 3.19 on May 31, 2014. Days sales outstanding went down to 3 days for the quarter compared with 4 days for the same period last year.
Days inventory outstanding has increased to 100 days for the quarter compared with 98 days for the previous year period.
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