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Finish Line Q1 Profits Slip on New Macy's Business Costs, Still Top Expectations

By  +Follow June 28, 2013 9:27AM
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The Finish Line, Inc. (FINL) reported on Friday that total and same-store sales were up in the first quarter of fiscal 2014, while expansion into Macy's (M) stores dampened net profits, but not as much as analysts had predicted.

For the quarter ended June 1, Indianapolis-based Foot Locker, a retailer of athletic shoes, apparel and accessories, recorded revenue of $351.1 million, up 10 percent from $319.1 million in the year prior quarter. GAAP-based profits were $5.1 million, or 10 cents per share, down from $12.3 million, or 24 cents per share. Adjusted net income, which excludes start-up expenses related to the launch of Macy's business, was $9.93 million, or 20 cents per share, versus $12.3 million, or 24 cents per share, in Q1 fiscal 2013.

Wall Street was expecting adjusted earnings of 16 cents per share on revenue of $343.0 million.

Same-store sales, sales at stores open more than one year, increased 2.4 percent year-over-year.

The Finish Line has 652 stores in malls across the U.S. and manages the athletic footwear inventory at 660 Macy's stores. During the quarter, 41 new branded shops were opened with Macy's locations, bringing the total store-in-store locations to 44. Last September, Macy's and The Finish Line stuck a deal to open Finish Line-branded shops in more than 450 Macy's locations as well as online.

Cost of sales, not counting occupancy expenses, were higher by $29.7 million compared to the year earlier, at $244.1 million. Selling, general and administrative costs increased from $84.9 million last year to $99.4 million this year.

"We have clear vision and sound strategies in place to transform our Company into a premier, multi-divisional, omni-channel retailer and drive increased value for our shareholders," said Glenn Lyon, chairman and chief executive at Finish Line.

The company said that they were pleased with improving trends in their running business – which has long been the company's main focus – as well as strength in their basketball business, a line that Finish Line has been focusing on more heavily over that past few quarters to meet demand.

During the latest quarter, the company bought back 366,000 shares for an aggregate amount of $6.8 million. The current repurchase plan still has 4.6 million shares authorized.

Looking forward, Finish Line sees fiscal 2014 comparable store sales to improve "slightly" and for GAAP profits to rise a mid-single digit percent compared to fiscal year 2013. Adjusted earnings per share are guided at $1.47.

Analysts were targeting fiscal 2014 adjusted earnings at $1.56 per share.

The better-than-expected first quarter is overshadowing the soft outlook in pre-market trading, with shares of FINL ahead about one-half percent on low volume. Shares closed Thursday at $21.20 and are up about 12 percent so far in 2013.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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Results for finl
Long & Short Ideas
3 Jul 15 00:52:22
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3 Jul 15 00:52:21
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2 Jul 15 16:29:59
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Market Int Center
2 Jul 15 11:01:03
Finish Line $FINL Showing Support Near $27.71 ( http://t.co/BvEM0gGYWL )
wsnewspublishers
2 Jul 15 08:28:08
NASDAQ Stocks on the Move: http://t.co/JardlG93zi $FISV $FINL $AVAV $CME
The Legacy News
2 Jul 15 07:43:41
Finish Line Rating Increased to Buy at Zacks $FINL http://t.co/UTmlBdkU2l
Clair Voight
2 Jul 15 06:02:21
$FINL Why Finish Line Inc. (FINL) Stock Might be a Great Pick http://t.co/kPfB32lnaZ
The Legacy News
2 Jul 15 05:57:41
Finish Line President Sells $152,989.80 in Stock $FINL http://t.co/nhLHtLQS0X
The Legacy News
2 Jul 15 05:27:37
Insider Selling: Finish Line CEO Sells $427,500.00 in Stock $FINL http://t.co/KKVV9nwI2u
Analyst Actions
1 Jul 15 20:55:02
$FINL: Analyst action by UBS on Finish Line: http://t.co/NVlddfQcGT http://t.co/zEoW9JHFe7
Thomas Collins
1 Jul 15 15:08:23
$FINL The Finish Line, Inc. (NASDAQ:FINL) Analyst Rating Update http://t.co/qVMPSeMlVn
Sleek Money
1 Jul 15 15:05:52
Finish Line Upgraded to Buy at Zacks $FINL http://t.co/HA9ILrLKRJ
Dakota Financial
1 Jul 15 14:54:01
Finish Line Raised to Buy at Zacks $FINL http://t.co/5pZIKEqM12
US Consumer News
1 Jul 15 14:45:55
Finish Line upgraded by Zacks to buy. $32.00 PT. http://t.co/oqQrG2Sssw $FINL #FINL
MarketBeatCom
1 Jul 15 14:45:42
Finish Line upgraded by Zacks to buy. $32.00 PT. http://t.co/ca8Svcf8ki $FINL #FINL
Ticker Report
1 Jul 15 14:42:17
Finish Line Raised to Buy at Zacks $FINL http://t.co/Vb3hz8CLxO
FlashRatings
1 Jul 15 12:36:04
10 Most Analyst Rated Stocks in Last 7 Days: $MU $NKE $BKFS $CELG $AAPL $PTXP $BBRY $FB $FINL $EBAY View all ratings https://t.co/1yGqm13bhm
WKRB News
1 Jul 15 09:47:24
FBR & Co. Raises Finish Line Price Target to $28.00 $FINL http://t.co/CmKQzkt24w
WKRB News
1 Jul 15 09:16:33
Finish Line’s Buy Rating Reiterated at Jefferies Group $FINL http://t.co/vdZKJALUX1
Analyst Actions
1 Jul 15 09:14:02
$FINL: Analyst action by Monness Crespi Hardt on Finish Line: http://t.co/1oBVX0YZvR http://t.co/GKbM004Zff
ProVesting
1 Jul 15 06:24:05
$FINL: The Finish Line, Inc. (NASDAQ:FINL) Analyst Rating Update: http://t.co/A8pBQZFYSY
ProVesting
1 Jul 15 05:42:02
$FINL: Do Investors Think Finish Line (FINL) Stock is a Buy?: http://t.co/D57MMfm9jk
BreakingStocksNews
1 Jul 15 05:37:09
$FINL: Monness Crespi & Hardt Raises Finish Line Price Target to $34.00 ...: http://t.co/4mxNeVAwYL
WKRB News
1 Jul 15 05:33:38
Monness Crespi & Hardt Raises Finish Line Price Target to $34.00 $FINL http://t.co/uUyKLMWFO8
ProVesting
1 Jul 15 00:29:09
$FINL: The Finish Line Inc (NASDAQ:FINL) Had Its Target Price Increases ...: http://t.co/qGqR4qKwlA
Breaking News Now
30 Jun 15 19:24:03
$FINL: Insider Selling: Finish Line CEO Glenn S. Lyon Sells 15000 Shares ...: http://t.co/vBfBg5wxFA
Dakota Financial
30 Jun 15 19:23:57
Insider Selling: Finish Line CEO Glenn S. Lyon Sells 15,000 Shares of Stock $FINL http://t.co/eGKH9ZCFTn
GTLackeyJr CMT
30 Jun 15 19:20:36
The Nitrous Scan 6/30/2015 http://t.co/20Slfann99 $AKBA $ACAD $SERV $NES $SSNC $TOL $FINL $BIO $RGEN
Sleek Money
30 Jun 15 18:35:48
Finish Line CEO Glenn S. Lyon Sells 15,000 Shares $FINL http://t.co/tJV1fH7WQM
Breaking News Now
30 Jun 15 18:30:02
$FINL: Finish Line CEO Glenn S. Lyon Sells 15000 Shares (FINL): http://t.co/P76cjVjrHA
Ticker Report
30 Jun 15 18:27:00
Finish Line CEO Glenn S. Lyon Sells 15,000 Shares $FINL http://t.co/EkKdFYjJmC
Breaking News
30 Jun 15 15:34:02
$FINL: Finish Line President Sato M. Samuel Sells 5406 Shares (FINL): http://t.co/T7pVx0eKVX
Dakota Financial
30 Jun 15 15:24:45
Insider Selling: Finish Line President Sells 5,406 Shares of Stock $FINL http://t.co/GoqFG1rMDw
Analyst Actions
30 Jun 15 14:07:02
$FINL: Analyst action by Monness Crespi Hardt on Finish Line: http://t.co/1oBVX0YZvR http://t.co/8pas1QqGpC
ProTradersNews
30 Jun 15 13:19:04
$FINL: Sato Samuel just Sold 5406 shares of Finish Line Inc (NASDAQ ...: http://t.co/vzVLRRdMKD
Breaking News
30 Jun 15 12:59:02
$FINL: Finish Line Inc /in/ (FINL) Files Form 4 Insider Selling : Sato M ...: http://t.co/vog9jpmOUZ
Breaking News
30 Jun 15 12:57:05
$FINL: Finish Line Inc /in/ (FINL) Files Form 4 Insider Selling : Glenn S Lyon ...: http://t.co/TM4TH8vZvj
FlashRatings
30 Jun 15 12:27:31
10 Most Analyst Rated Stocks in Last 72hrs: $BKFS $FINL $APOL $NKE $TSLA $VTAE $FB $P $MU $AAPL View ratings here https://t.co/TrweUryRUi
Insider Filings
30 Jun 15 12:26:03
$FINL: Samuel Sato M sold a net $153,011 in FINISH LINE INC /IN/. http://t.co/6XEjCxqLPl
Breaking News
30 Jun 15 12:25:02
$FINL: New Insider Transaction on FINL by CEO, Chairman of the Board: http://t.co/XUv8hTpvCc
Insider Alerts
30 Jun 15 12:24:12
NEW insider transaction on $FINL reported a moment ago: http://t.co/QCBG8JcWKB
Insider Filings
30 Jun 15 12:21:03
$FINL: LYON GLENN S sold a net $427,500 in FINISH LINE INC /IN/. http://t.co/6XEjCxqLPl
Ticker Report
30 Jun 15 07:26:54
Finish Line Receives Average Recommendation of “Hold” from Analysts $FINL http://t.co/ny4crUeNmG
Dakota Financial
30 Jun 15 07:25:12
Finish Line Receives Average Recommendation of “Hold” from Analysts $FINL http://t.co/5Z7QqBVkRl
Analyst Actions
30 Jun 15 06:45:02
$FINL: Analyst action by UBS on Finish Line: http://t.co/NVlddfQcGT http://t.co/ehMYiDKdsi
BreakingStocksNews
30 Jun 15 05:24:02
$FINL: Finish Line PT Raised to $33.00 at Susquehanna (FINL): http://t.co/thYEkPF73J
The Legacy News
30 Jun 15 05:13:54
Finish Line Earns “Hold” Rating from Sterne Agee CRT $FINL http://t.co/SkWpxG2go9
The Legacy News
30 Jun 15 05:13:53
Finish Line Rating Reiterated by Jefferies Group $FINL http://t.co/qn3mj7L5xq
The Legacy News
30 Jun 15 05:13:53
Finish Line PT Raised to $33.00 at Susquehanna $FINL http://t.co/XdqmDLKS5w
The Legacy News
30 Jun 15 05:13:53
Finish Line PT Raised to $28.00 $FINL http://t.co/i5uBsezzx6
				
				
By  +Follow June 28, 2013 9:27AM
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