Finish Line (FINL) has reported 11.22 percent rise in profit for the quarter ended Nov. 29, 2014. The company has earned $2.58 million, or $0.05 a share in the quarter, compared with $2.32 million, or $0.05 a share for the same period last year. On adjusted basis, net loss for the quarter stood at $0.93 million, or $0.02 a share compared with a net loss of $2.93 million, or $0.06 a share in the last year period. Revenue during the quarter grew 8.61 percent to $395.83 million from $364.46 million in the previous year period. Gross margin for the quarter contracted 136 basis points over the previous year period to 28.23 percent. Operating margin for the quarter stood at negative 0.92 percent as compared to a positive 0.75 percent for the previous year period.
Operating loss for the quarter was $3.63 million, compared with an operating income of $2.75 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $2.33 million compared to operating profit of $3.76 million in prior year period.
"Third quarter comparable sales rebounded from second quarter trends, however merchandise margin pressure kept us from achieving our profitability plan," said Glenn Lyon, chairman and chief executive officer of Finish Line. "We remain confident in the strategic course we have set for the company and we’ll continue to invest in the omnichannel initiatives focused on delivering the long-term financial goals we have previously outlined."
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