Finish Line Issues Inline Q2 Results, Guidance

Finish Line, Inc. FINL announced 14.6 percent drop in profit for the first quarter despite 5.4 percent growth in top line. However, earnings came in line with the estimates. The company reiterated its full year EPS outlook that is in line with the predictions sending the stock higher in the pre-market trading on Friday. The company reported net income of $22.075 million, or $0.53 a share, down from $25.86 million, or $0.57 a share, in the year-ago quarter. Street expected $0.57 a share. Finnish Line delivered 5.4 percent growth in revenue from $483.15 million to $509.4 million and topped analysts' predictions of $495.04 million. The company's comparable store sales witnessed 5.1 percent uptick. The company's CEO, Sam Sato, commented, "With our enhanced supply chain now operating efficiently, our focus shifts to streamlining our organizational structure to optimize productivity, adapt more quickly to market changes and better serve our customers. I am pleased with how we continue to execute our plan for fiscal 2017 while at the same time taking the necessary steps to position the company for long-term profitable growth." Going forward, the company continues to expect EPS $1.50 - $1.56 on comparable store growth of 3 – 5 percent for fiscal year 2017. Street is looking for an EPS of $1.54. In the pre-market trading on Friday, the stock edged up by $0.46, or 1.92 percent, to $24.45.