Finish Line Inc. (NASDAQ: FINL) reported fiscal first-quarter financial results before the markets opened on Friday. The company said that it had $0.23 in earnings per share (EPS) on $453.5 million in revenue. There were consensus estimates from Thomson Reuters calling for $0.22 in EPS on $449.56 million in revenue. The same period from last year had $0.30 in EPS on $443.39 million in revenue.
During this quarter comparable store sales increased by 1.5%, while total net sales increased by about 2.3%.
The company repurchased 1 million shares in the first quarter, spending a total of $21.3 million. The company has 1.3 million shares remaining in its current share repurchase authorization.
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In terms of the outlook for the full fiscal year, the company expects comparable store sales to increase in the 3% to 5% range and earnings per share to be between $1.50 and $1.56. There are consensus estimates that are calling for $1.54 in EPS on $1.95 billion in revenue for the year.
On the books, cash and cash equivalents totaled $85.39 million at the end of the quarter compared to $82.19 million in the same period from last year.
Sam Sato, CEO of Finish Line, commented:
We delivered first quarter results that were in-line with expectations despite the challenging retail environment. 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.
Shares of Finish Line closed Thursday down 4% at $16.79, with a consensus analyst price target of $21.35 and a 52-week trading range of $15.37 to $29.05. Following the release of the earnings report, the stock was up 5.4% at $17.70 in early trading indications Friday.
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