Athletic gear retailer Finish Line Inc. (NASDAQ: FINL) reported fourth quarter and full-year earnings this morning and the stock is getting punished on the company’s forecast for its first quarter of the 2013 fiscal year.
Finish Line posted fourth quarter adjusted EPS of $0.81, in-line with the consensus estimate, and revenue of $456.3 million, well ahead of the consensus estimate of $432.6 million. The store expects same-store sales for the current quarter to be 10% higher than the same period a year ago.
But in the what-have-you-done-for-me-lately category, Finish Line said first quarter earnings would be much lower:
Based on the planned level of strategic investments, combined with lower product margins due to a shift in the promotional calendar, and occupancy cost deleverage, the company expects first quarter earnings per share to be down approximately 30%.
Investors are fleeing in droves. The company’s share price is down nearly -14% at $21.83 in a 52-week range of $16.42-$26.16.