Finish Line Q2 Profit Nearly Flat, Results Miss Estimates; Confirms FY Outlook

(RTTNews) - Athletic gear retailer Finish Line, Inc. (INL) Friday reported nearly flat second-quarter earnings amid a rise in cost of sales as well as selling, general and administrative expenses. Both earnings and revenues missed analysts' estimates. The company reiterated its annual outlook.

CEO Glenn Lyon said the second-quarter results fell short of expectations due to softness within the basketball segment.

Net earnings totaled $26.16 million, compared with previous year's $26.51 million. Per-share earnings were $0.54, flat with last year, below the $0.60 per share consensus estimate of analysts polled by Thomson-Reuters. Analysts' estimates typically exclude one-time items.

Net sales increased to $466.88 million, from $436.03 million last year, but were shy of the $478.07 million Wall Street expected. Comparable sales increased 1.5 percent.

Looking ahead, the company confirmed its annual guidance for comparable store sales to increase in mid single digits, and earnings per share to increase in the high single to low double digit range

Analysts expect earnings of $1.87 per share for the fiscal year.