- Finish Line (NASDAQ:FINL) trades lower after reporting same-store sales plunged 7.9% in FQ4 to miss the consensus estimate for a 5.9% decline.
- A high point from the report is the 8.5% comp delivered by the Finish Line Macy's (NYSE:M) business.
- Gross profit rose to 31.5% of sales vs. 29.1% a year ago, while operating income fell to 2.0% of sales vs. 3.6% a year ago. SG&A expenses rose 140 bps to 24.5% of sales.
- CEO update: "While we anticipated that our business would be under pressure during the fourth quarter due to a difficult selling environment for athletic footwear, sales ended up being down more than we forecasted... Despite the top-line headwinds, we worked hard on tightly controlling costs and managing inventories to deliver adjusted earnings per share for the fourth quarter at the high-end of our most recent guidance range of $0.58 to $0.59."
- Finish Line ended the quarter with 556 stores, compared to 573 stores a year ago, after opening 11 stores and closing one during the quarter.
- FINL -1.66% premarket to $13.66.
- Now read: Finish Line: A Final And Fair Price
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