Fitness financials: Finish Line posts Q1 profit, plus Best Buy, Garmin

The Finish Line said it swung to a first-quarter profit as revenue rose more than 10 percent, Best Buy said its board is boosting its quarterly cash dividend by 7 percent, and Garmin completed the transfer of its place of incorporation to Switzerland from the Cayman Islands.
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Finish Line posts Q1 profit

The Finish Line (Nasdaq: FINL) said it swung to a first-quarter profit as its revenue rose more than 10 percent on expense and inventory management.

For the quarter ended May 29, its net income was $13.6 million, or $0.25 a share, versus a loss of $608,000, or a penny a share, a year earlier.

Revenue rose to $282.4 million from $259.1 million a year earlier.

Sales at stores that have been open at least a year rose nearly 11 percent for the quarter. The figure fell 3.9 percent a year earlier. For the four-plus weeks from May 30 to June 22, the figure rose 7 percent, the company said.



Best Buy boosts dividend


Best Buy (NYSE: BBY), which is selling fitness equipment in select stores, said its board is boosting its quarterly cash dividend by 7 percent.

It will pay $0.15 per share to shareholders on Oct. 26 versus its previous dividend of $0.14 per share. The money will be available to stockholders who own company shares as of Oct. 5.



Garmin completes transfer to Switzerland


Garmin (Nasdaq: GRMN) said it’s completed the transfer of its place of incorporation to Switzerland from the Cayman Islands.

As part of the move, each outstanding share of Garmin Ltd. was exchanged for one share of a newly formed Swiss holding company by the same name. Shares of the new company are listed on the Nasdaq Global Select Market under the same symbol, "GRMN." The company's operational headquarters remain in Olathe, Kan.

--Compiled by Wendy Geister

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