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Finish Line Reports Solid Q1

Finish Line reported first quarter results for its 2017 fiscal year on Friday. The Indianapolis-based footwear retailer reported earnings per share (EPS) of $0.23 and $453.5 million in revenue, an increase of 2.3% over the year prior, beating Wall Street’s expectations of $0.22 in EPS on $449.56 million in revenue.

For the first quarter of the year, same-store sales were up 1.5%. The company also said it repurchased one million shares of its common stock in the first quarter, totaling $21.3 million. The company has 1.3 million shares remaining on its current Board authorized repurchase program.

As of May 28, 2016, the company had no interest-bearing debt and $85.4 million in cash and cash equivalents.

“We delivered first quarter results that were in-line with expectations despite the challenging retail environment,” said Sam Sato, Finish Line CEO. “Importantly, we’ve made further progress toward optimizing our supply chain and improving execution throughout the enterprise. We remain focused on successfully executing the strategic initiatives for our Finish Line, Macy’s, and JackRabbit businesses while creating an operating model that drives profitable growth and generates shareholder value consistently over the long-term.”

Finish Line said it expects comparable store sales to increase in the range of 3-5 percent, while earnings per share are expected to be between $1.50 and $1.56.