Finish Line Q4 profit falls; announces new buyback plan

Indianapolis -- The Finish Line Inc. on Friday reported a decline in its fourth-quarter profit and cautioned that profits in its current year may not hit expectations of a fiscal fourth-quarter net income of $40.8 million.



The retailer also authorized a new 5-million-share buyback program.



The Finish Line’s earnings in the fourth quarter fell 5% to $40.8 million.



Consolidated net sales for the quarter were $551.3 million, an increase of 6.3% over the prior year period. Same-store sales increased 2.6%.



“Our fourth quarter results, especially for our core business, represent a solid finish to a disappointing year,” said Glenn Lyon, chairman and CEO of Finish Line. “We quickly reduced expenses and gained better leverage to deliver earnings ahead of plan. At the same time, we made progress rebalancing our inventory to better align with customer demand.”



For the year, the company reported profit of $82 million, and revenue of $1.82 billion. Comparable store sales increased 3.2%.