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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.


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Results for finl
chartguy89
23 Nov 14 19:23:20
FINL 27.48 The Finish Line Stock Charts $FINL Last Updated: 11/21/14 Last price: 27.48 Total volume: 948,700 F http://t.co/3J0m9uF2Kb
Jake13
23 Nov 14 18:39:16
FINL Year to date has changed -2.45% percent. +8.66% in the last 30 days. $FINL The Finish Line Full breakdown http://t.co/dUAIK3TtT3
HotKeyTrading
23 Nov 14 16:00:06
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Seeking Alpha - All
23 Nov 14 10:58:19
Update: Foot Locker Q3 Earnings Take Us For A Ride http://t.co/NFpkglB22H $FINL $FL
HotKeyTrading
23 Nov 14 04:00:05
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HotKeyTrading
22 Nov 14 16:00:06
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4-traders.com
22 Nov 14 07:05:04
Finish Line : Abu Dhabi Grand Prix 2014 schedule http://t.co/i8qGQjh7kF $FINL
HotKeyTrading
22 Nov 14 04:00:05
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HotKeyTrading
21 Nov 14 16:00:05
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Klaus Daimler
21 Nov 14 14:18:26
$SUNE may just double off those lows a month ago. Massive rally. Buy panic. $GT $GNC $FINL all similar. $HTZ in progress of doing same.
aviatelive
21 Nov 14 10:01:37
Time to buy Finish Line http://t.co/43jkre2mll #aviateUS $FINL
Options Idea Central
21 Nov 14 08:21:50
$FINL: Update 4/7/2014?!? http://t.co/t9LjXPx6Mk
noyournot
21 Nov 14 06:53:28
RT @CBOE: Options expected to be active @CBOE: $INTU $ADSK $ROST $GME $ANN $FINL $BABA
Klaus Daimler
21 Nov 14 06:48:19
$FINL looks like it was to move back to $30.
US Banking News
21 Nov 14 06:20:55
Finish Line Receives Consensus Hold Rating from Analysts $FINL http://t.co/NMYJZqDBQ3
Syd Weedon
21 Nov 14 06:18:17
RT @CBOE: Options expected to be active @CBOE: $INTU $ADSK $ROST $GME $ANN $FINL $BABA
Alpha Maven
21 Nov 14 06:13:36
RT @CBOE: Options expected to be active @CBOE: $INTU $ADSK $ROST $GME $ANN $FINL $BABA
manuel rodriguez
21 Nov 14 06:09:39
RT @CBOE: Options expected to be active @CBOE: $INTU $ADSK $ROST $GME $ANN $FINL $BABA
TheRealHOodReport
21 Nov 14 06:06:40
RT @CBOE: Options expected to be active @CBOE: $INTU $ADSK $ROST $GME $ANN $FINL $BABA
OZ_Options
21 Nov 14 05:59:16
RT @CBOE: Options expected to be active @CBOE: $INTU $ADSK $ROST $GME $ANN $FINL $BABA
Eternity101
21 Nov 14 05:53:43
RT @CBOE: Options expected to be active @CBOE: $INTU $ADSK $ROST $GME $ANN $FINL $BABA
CBOE
21 Nov 14 05:53:02
Options expected to be active @CBOE: $INTU $ADSK $ROST $GME $ANN $FINL $BABA
HotKeyTrading
21 Nov 14 04:00:05
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4-traders.com
21 Nov 14 03:20:17
Finish Line : Running Specialty Group Grows with Garry Gribble's Running Sports; Iconic Kansas City banner ... http://t.co/ynRibeIigp $FINL
HotKeyTrading
20 Nov 14 16:00:06
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Klaus Daimler
20 Nov 14 06:52:18
I'd say some of the dip ideas from a month ago working out to the mac $SUNE 13-14's $GNC 35 $GT 19 $FINL 24. $HTZ 19-24s.
HotKeyTrading
20 Nov 14 04:00:05
Stock Picks: Sector Leaders: $TK $AA $CENX $AMAG $FDX $BBBY $CF $F $NKE $BRCD $NI $BHE $HOS $ORCL $SHPG $FINL $INTC $NLY $AAPL $SYMC $LM
iHangout
19 Nov 14 16:33:17
http://t.co/rxgT8mxw9C chartguy89: Stock Charts: FINL 27.25 Stock Charts $FINL Finish Line Inc. Cl http://t.co/HaSfXVlGbh
HotKeyTrading
19 Nov 14 16:00:06
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The Panic
19 Nov 14 13:30:52
Got lucky yesterday; selling $GPRO. Missed today's ugliness. Also: U see the $3.82 spread in $FINL? wtaa? https://t.co/weG0WiCsRB
Market Int Center
19 Nov 14 06:04:17
Potential Finish Line $FINL Trade Targets 4.43% Return ( http://t.co/Kq8p95mIew )
HotKeyTrading
19 Nov 14 04:00:05
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HotKeyTrading
18 Nov 14 16:00:05
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Market Int Center
18 Nov 14 08:20:07
Finish Line $FINL Showing Resistance Near $28.35 ( http://t.co/ZozXr9GPnH )
TickerChirp
18 Nov 14 06:57:04
The Top Tweets Pertaining to $FINL (Finish Line Inc symbol FINL) on 11/18/2014 http://t.co/QwjhZaJUuO
The Panic
18 Nov 14 06:42:12
Sold $GPRO and $FINL this morning. Retail is so tricky.
HotKeyTrading
18 Nov 14 04:00:05
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Penny Stock Secret
18 Nov 14 02:41:56
Yesterday We Made $89,000 In Just One Trade More Info Here http://t.co/SVqoMlijqL .. $QINC $FINL $PCYO
4-traders.com
17 Nov 14 22:25:02
Finish Line : Youth Foundation Introduces New Board Members http://t.co/3Xqk5H51jW $FINL
HotKeyTrading
17 Nov 14 16:00:05
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ValueWalk
17 Nov 14 13:43:15
[ARCHIVES] Denali Case Study: David (FINL) vs. Goliath (GCO) http://t.co/S3IjCjJkoR $FINL $GCO $UBS http://t.co/TWkU1Ta7Qv
Langan Stocks
17 Nov 14 10:51:34
clayton: FINL 27.86 The Finish Line $FINL added to my http://t.co/BM7hzUiiRl
clayton
17 Nov 14 10:46:41
FINL 27.86 The Finish Line $FINL added to my watch list. Right now with FINL I am watching the last price 27.8 http://t.co/s6Elg6bj5u
clayton
17 Nov 14 10:46:19
$FINL FINL 27.86 The Finish Line $FINL added to my watch list. Right now with FINL I am watching the last price 27.8 http://t.co/ynczsbDR7P
HotKeyTrading
17 Nov 14 04:00:05
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HotKeyTrading
16 Nov 14 16:00:05
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FonsieTrader
16 Nov 14 08:56:51
$FINL Is working very well inside the GAP! Should filled very soon http://t.co/dtxf1zEwz4
HotKeyTrading
16 Nov 14 04:00:05
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By  +Follow June 28, 2013 9:27AM
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