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Finish Line (FINL) Shares Slide After Second-Quarter Earnings Miss

finish lineShares of Finish Line Inc., fell nearly 15% after the company reported second quarter earnings at .54 per share well short of analysts estimates of .60 per share. Sales were $466.9 million in the period, which ended Aug. 30. That missed a prediction of $477.7 million.  Finish Line shares had climbed 4.4 percent this year before today.

“Needless to say, we’re disappointed on our second quarter performance,” Chief Executive Officer Glenn Lyon said on an earnings conference call. “We’ve been working diligently with our brand partners to improve our assortments in basketball as well as to continue to elevate our leadership position in running to get sales back in line.”

It’s not been a great week for the footwear market. Finish Line’s results added to fear fueled earlier this week when Skechers (SKX) dropped almost 10% after analysts suggested that sales were slowing.

Conversely Nike reported first-quarter profit yesterday that exceeded analyst’s estimates.

The Finish Line, Inc., together with its subsidiaries, operates as a specialty retailer of athletic shoes, apparel, and accessories in the United States. It operates Finish Line stores that offer performance and athletic shoes, as well as apparel and accessories for men, women, and kids.

Disclosure: At the time of this writing, the author had no position in the equities mentioned.

 

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