Finish Line Profit Sinks
INDIANAPOLIS - Indianapolis-based The Finish Line Inc. (Nasdaq: FINL) is reporting fiscal second quarter net income of $2.8 million, down from $22 million during the same period last year. The earnings report comes just weeks after the company lowered its outlook for the fiscal year, in which it expects sales to decrease 3-5 percent.
The company is also reporting consolidated net sales of $469.4 million, down 3.3 percent from the same quarter in 2016. The Finish Line says store sales decreased 4.5 percent, while Macy's sales increased 5.6 percent.
"Our second quarter results were shaped by a very promotional marketplace for athletic footwear," said Sam Sato, chief executive officer of Finish Line. "With industry headwinds weighing on our sales and margin trends, we remain disciplined in managing our expenses and inventories. While we are planning for a challenging retail environment in the near-term, we are confident that the merchandise, digital, in-store and operational initiatives currently in place will allow us to achieve our current full year outlook and best position the company to deliver increased shareholder value over the long-term."
The company says, as of August 26, it had no interest-bearing debt and nearly $115 million in cash and cash equivalents. You can connect to the full fiscal second quarter earnings report by clicking here.