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Finish Line tops results, despite drop in profit

Friday, September 23, 2016 7:46
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(Before It's News)

Sportswear retailer Finish Line Inc (NASDAQ:FINL) chalked a near 15% drop in profit for the first quarter despite reporting 5% top line growth.

The group reported net income of US$22mln, or US$0.53 a share, down from $25.86mln, or US$0.57 a share, in the year-ago quarter. Wall Street forecasts had expected US$0.57 a share.

It delivered 5.4% growth in revenue from US$483.15mln to US$509.4mln, topping analyst predictions of US$495.04mln. Comparable store sales saw a 5.1% boost.

For the full year, ending February, it still expects comparable store sales to increase in the 3% to 5% range and diluted earnings per share to be between US$1.50 and US$1.56.

“With our enhanced supply chain now operating efficiently, our focus shifts to streamlining our organizational structure to optimize productivity, adapt more quickly to market changes and better serve our customers. I am pleased with how we continue to execute our plan for fiscal 2017 while at the same time taking the necessary steps to position the company for long-term profitable growth,” said CEO Sam Sato.

In pre-market trading, shares rose almost 5% to US$25.13.

Story by ProactiveInvestors

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