Indianapolis-based The Finish Line Inc. (Nasdaq: FINL) is reporting fiscal second quarter net income of $22 million, down from $25.9 million during the same period the previous year. Chief Executive Officer Sam Sato says, despite the decline, store sales "accelerated" during the quarter, increasing more than 5 percent.
Sato says the earnings report was in line with the company’s expectations.
"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," said Sato. "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."
The Finish Line Board of Directors has also approved an updated timetable for the transition of former CEO Glenn Lyon from executive chairman of the board to non-executive chairman. The transition, which was announced in January, was originally expected to take place in 2017.
"Throughout our multi-year succession plan, Glenn and Sam worked diligently to develop a seamless and effective transition plan leading us to today," said Bill Carmichael, lead director of The Finish Line board. "With their continued collaboration and a fully immersed leadership team focused on Finish Line’s growth and profitability, we reached this transition quicker than originally anticipated."