Finish Line Inc. (NASDAQ: FINL) reported its fiscal fourth-quarter financial results before the markets opened on Friday. The company said that it had $0.50 in earnings per share (EPS) and $557.5 million in revenue. Thomson Reuters had consensus estimates of $0.71 in EPS and revenue of $550.46 million. The same period of last year reportedly had EPS of $0.83 and $580.25 million in revenue.
During this quarter, comparable sales decreased by 4.5%. Also Finish Line’s sales with Macy’s increased by 35%. On an annual basis, comparable sales increased by 0.3% and Macy’s sales increased nearly 30%.
In terms of the outlook for the coming fiscal year, the company expects comparable sales to increase low-single-digits and EPS to be in the range of $1.12 to $1.23. The consensus estimates call for $1.46 in EPS and $1.89 billion in revenue.
On the books, Finish Line cash and cash equivalents totaled $90.9 million at the end of the quarter, up from $79.5 million in the same period of last year.
Sam Sato, CEO of Finish Line, commented:
Our fourth quarter earnings performance represented a disappointing finish to a challenging year financially for our company. As elements of our footwear offering did not resonate with our customers as we expected and the overall retail environment in February became increasingly difficult, we made the decision to get more aggressive on pricing to be competitive and clear slow moving product. While this allowed us to end fiscal 2017 with clean inventory levels, it put significant pressure on fourth quarter product margins. We know we must improve the execution of our merchandise strategies to drive increased full price selling and fuel sustained comparable sales growth. At the same time, we are confident that the numerous operational improvements we made throughout the past year have created a more efficient company with a stronger foundation to support enhanced profitability and increased shareholder value over the long-term.
Shares of Finish Line were last seen down 16% at $12.91 on Friday, with a consensus analyst price target of $19.64 and a 52-week trading range of $12.63 to $24.52.
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.