Finish Line Profit Dips

The Finish Line has lowered its outlook for the fiscal year

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Indianapolis-based The Finish Line Inc. (Nasdaq: FINL) is reporting fiscal first quarter net income of $8.1 million, down from $9.6 million during the same period the previous year. Chief Executive Officer Sam Sato says the earnings are in line with the company’s expectations.

The Finish Line saw a slight dip in net sales, which stand at $429,772 for the quarter. Sato says the company saw some "unanticipated headwinds" late in the quarter.

“Following low-single digit comparable sales growth for the combined March/April period, weak traffic trends, and a difficult product launch comparison in May resulted in comps coming in below plan," said Sato. "We offset pressure on our top-line and protected profitability with disciplined expense management resulting from the work we’ve done creating a more nimble and efficient organization."

Sato says the retail environment continues to be challenging, but the company is confident that its merchandising, digital, in-store, and operational initiatives will "help fuel profitable growth" in the back half of the fiscal year.