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Companies and Brands

Finish Line Misses, Offers Weak Guidance

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By Paul Ausick Updated Published
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Athletic shoes
Thinkstock
Finish Line Inc. (NASDAQ: FINL) reported third-quarter fiscal 2013 results before markets opened this morning. The athletic shoe and apparel retailer reported diluted earnings per share (EPS) at breakeven on revenues of $296.6 million. In the same period a year ago, Finish Line reported EPS of $0.11 on revenue of $282 million. Today’s results also compare to the consensus estimates for EPS of $0.11 and $296.1 million in revenue.

The company’s CEO said:

The third quarter was clearly more challenging than we anticipated. Sales came in below plan due primarily to a shift within athletic footwear trends and a less than favorable consumer response to the new ecommerce site we launched in mid November. Our top-line performance forced us to get more promotional to improve the composition of our inventory ahead of the important Holiday season. At the same time, we did not adjust our cost structure quickly enough in response to slowing sales trends.

Finish Line guided EPS at $0.74 to $0.78 for the fourth quarter, well below the consensus estimate of $0.82. For the full fiscal year ending on March 2, the company forecast EPS of $1.47 to $1.51, again, well below the current consensus estimate of $1.64.

Shares are down about 5% in premarket trading this morning, at $18.04 in a 52-week range of $17.41 to $26.16. Thomson Reuters had a consensus analyst price target of around $24.25 before today’s results were announced.

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About the Author Paul Ausick →

Paul Ausick has been writing for a673b.bigscoots-temp.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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