Finish Line posts unexpected loss in Q3
Indianapolis -- Finish Line Inc. reported Friday a loss of $107,000 for the quarter ended Dec. 1, compared with a profit of $5.55 million in the year-ago period. The unexpected swing, said the company, was due in part to a lukewarm response to Finish Line’s new online store.
Sales in the quarter climbed 5.2% to $296.6 million, missing Wall Street’s expected $296 million in revenue, and same-store sales rose 3.6%.
“The third quarter was clearly more challenging than we anticipated,” said CEO Glenn Lyon. “Sales came in below plan due primarily to a shift within athletic footwear trends and a less than favorable consumer response to the new ecommerce site we launched in mid November.”
The company, said Lyon, has reverted back to its previous e-commerce site. It has lowered its full-year earnings estimate.