Sneaker speciality retailer Finish Line, Inc. announced its first quarter fiscal year 2018 results Friday, reporting results mostly in-line with the company’s expectations.
Consolidated net sales were $429.8 million, a decrease of 0.1% compared to the period before. Finish Line’s comparable store sales also dropped 1.1%. However, the company’s Macy’s sales increased 13.6%.
On a GAAP basis, diluted earnings per share from continuing operations were $0.20.
Finish Line CEO, Sam Sato, said that the company offset pressure on top-line and helped protect potential profit by cracking down on expense management from the work the company has done to create a “more nimble and efficient organization.” Sato also said that the company delivered earnings in-line with expectations, despite some trouble late in the quarter.
Finish Line experienced low-single digit comparable sales growth in March and April with weak traffic trends and a rough product launch comparison in May, resulting in comps coming in below expected.
“While the retail environment remains challenging, we continue to be confident that our merchandising, digital, in-store, and operational initiatives underway will help fuel profitable growth beginning in the back half of this fiscal year, better positioning the company to deliver increased shareholder value over the long-term,” said Sato.
For FY2018, the company maintains comparable store sales will increase in the low-single digits range and adjusted earnings per share to be between $1.12 and $1.23. For Q2, which ends August 26, the company anticipates comparable store sales to fall in the low-single digit range.