Indianapolis-based The Finish Line Inc. (Nasdaq: FINL) is reporting fiscal full-year net income of $21.8 million, compared to $79.7 million a year earlier. Chief Executive Officer Sam Sato says the company has turned the corner on major logistics issues that plagued the retailer during the holiday season.
Fiscal fourth quarter profit also sank to $4 million, compared to $40.4 million a year earlier.
Sato says "we worked diligently to improve digital fulfillment rates and flow new inventory to our stores during the fourth quarter which helped us achieve a mid-single digit comparable sales increase and adjusted earnings per share at the high-end of our guidance range. In addition to achieving optimal performance from our supply chain, our top priorities are continuing to bolster our vendor relationships and fortifying the foundational strengths of the company through new leadership and improved processes. I am confident that elevating our execution across the organization will result in an enhanced customer experience and drive profitable growth and increased shareholder value over the long-term."
Since the beginning of the year, the company has undergone several major changes in leadership, including naming former president Sato as successor to then-CEO Glenn Lyon. In February, the company named Melissa Greenwell chief operating officer and earlier this month, AJ Sutera became executive vice president and chief information and technology officer.