Finish Line (FINL) Misses Q3 EPS by 6c; Lowers Outlook
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Finish Line (NASDAQ: FINL) reported Q3 EPS of ($0.24), $0.06 worse than the analyst estimate of ($0.18). Revenue for the quarter came in at $371.7 million versus the consensus estimate of $411.61 million.
Finish Line comparable store sales increased 0.7%.
GUIDANCE:
Finish Line sees Q4 2017 EPS of $0.68-$0.73, versus the consensus of $0.95.
Finish Line sees FY2017 EPS of $1.24-$1.30, versus the consensus of $1.53.
“We are disappointed that our third quarter sales and earnings fell short of our expectations,” said Sam Sato, Chief Executive Officer of Finish Line. “Steep declines in apparel and accessories offset a high-single digit footwear comp gain and a 33% sales increase in our Macy’s business. While we continue to work on narrowing our soft goods assortment and aligning our offering with customer demand, our primary focus remains on growing the cornerstones of the Company’s foundation - our Finish Line footwear business and our partnership with Macy’s - through enhanced customer engagement. At the same time, we are making progress developing a more efficient operating model that drives increased profitability and greater shareholder value over the long-term. We are now fully benefitting from our enhanced supply chain and are just beginning to realize the $6 million in annualized savings from our actions aimed at streamlining our organizational structure. Despite our recent underperformance, we remain confident in the strategic course we have set for the Finish Line.”
For earnings history and earnings-related data on Finish Line (FINL) click here.
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