No end in sight for The Finish Line

Sports apparel retailer The Finish Line topped Street estimates for its first quarter, turning in a solid performance in a challenging retail environment.



The company reported net income of $9.63 million for the period ended May 28, down 29.9% from $13.73 million in the year-ago quarter, amid higher costs.



Net sales rose 2.28% to $453.52 million, higher than expected, from $443.39 million in the same quarter last year. Same-store sales increased 1.5%.



“We delivered first quarter results that were in-line with expectations despite the challenging retail environment,” said Sam Sato, CEO, Finish Line. “Importantly, we’ve made further progress toward optimizing our supply chain and improving execution throughout the enterprise. We remain focused on successfully executing the strategic initiatives for our Finish Line, Macy’s, and JackRabbit businesses while creating an operating model that drives profitable growth and generates shareholder value consistently over the long-term.”



Looking ahead, the company expects earnings to be $1.50 - $1.56 a share in the fiscal year ending February 2017. It expects comparable store sales to grow between 3 and 5%.