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Finish Line In-Line with Expectations for Q1

As we settle into the new year, our Sourcing Summit Companion Report looks ahead at ways to optimize processes and performance.

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.

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