The Finish Line Misses Estimates, Shares Down In After-Hours

The Finish Line, Inc. FINL reported quarterly earnings tonight after the bell that missed Wall Street estimates on the top line, sending shares down nearly 4% in extended trading. Finish Line, which sells sporting goods such as cleats, shoes, shorts, and other accessories, reported earnings of 30 cents per share on $299.5 million in revenues. Wall Street had been expecting earnings of 30 cents per share on $301.4 million. “Delivering growth on top of a strong performance a year ago was the story of the first quarter,” said Finish Line Chairman and Chief Executive Officer Glenn Lyon. “This is the seventh consecutive quarter that we delivered an increase in comp store sales and non-GAAP EPS. In the first quarter, we achieved 20% EPS growth on top of the strong earnings we drove a year ago. Our comp store sales increase of 6.5% in Q1 is on top of a 10.9% increase last year and we improved across virtually all other key metrics. Through consistent execution of our strategic plan, we have created a business model that has allowed Finish Line to drive sustained growth through a variety of consumer environments and external conditions. This is a great start to the new fiscal year and we are optimistic about our future and the initiatives we are undertaking to grow our existing business, expand beyond our core business and deliver returns to our shareholders.” The company said that same store sales rose 6.5% in quarter, and were up 14.5% year-over-year from May 29 through June 19. At last check, shares of Finish Line were trading at $22.29‎ in extended trading, off 88 cents or 3.8%.