Finish Line Inc. (NASDAQ: FINL) released its fiscal third-quarter earnings report before the markets opened on Thursday. The company posted a net loss of $0.26 per share on $378.5 million in revenue, compared with consensus estimates from Thomson Reuters that called for a net loss of $0.36 per share and revenue of $360.95 million. In the same period of last year, it posted a net loss of $0.24 per share and $371.74 million in revenue.
During the quarter, comparable store sales increased by 0.8%. Finish Line Macy’s sales increased 2.3% as well.
Looking ahead to the fiscal fourth quarter, the company expects to see comparable sales increasing in the range of 3% to 5% and EPS between $0.50 and $0.58. Consensus estimates call for $0.54 in EPS and $565.33 million in the quarter.
On the books, Finish Line cash and cash equivalents totaled $77.19 million at the end of the quarter, up from $33.30 million in the same period of last year.
Sam Sato, CEO of Finish Line, commented:
We finished the third quarter ahead of expectations despite a highly promotional environment for athletic footwear. The growth initiatives that we’ve put in place are driving increased traffic to our brand and helping increase conversion. While we responded to certain pricing actions in the marketplace to be competitive, we delivered gross margin in line with forecasts, and remained highly disciplined in managing expenses and inventories. Looking ahead, we continue to be cautious in the near-term, but I am confident that the work we are doing to position the company for long-term growth and enhanced profitability is gaining traction.
Shares of Finish Line were last seen up about 9% at $12.27, with a consensus analyst price target of just $10.40 and a 52-week range of $6.90 to $20.57.
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