Indianapolis-based The Finish Line Inc. (Nasdaq: FINL) is reporting fiscal first quarter net income of $9.6 million, down from $13.7 million during the same period the previous year. Chief Executive Officer Sam Sato says the results were in line with expectations "despite the challenging retail environment."
The company says net sales increased in the fiscal first quarter at more than $453,000, up from more than $443,000 in the same period last year.
"Importantly, we’ve made further progress toward optimizing our supply chain and improving execution throughout the enterprise," said Sato. "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."
The earnings report continues the downward trend for The Finish Line, which in March reported a fiscal full-year net income of $21.8 million, down from nearly $80 million the previous year.