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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nike Inc | NYSE:NKE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.4999 | -0.54% | 91.6801 | 92.70 | 90.83 | 92.25 | 9,701,296 | 00:27:15 |
By Lisa Beilfuss
Finish Line Inc. said profit rose 11% in its latest quarter, as merchandise assortment improved and promotional activity eased at the sports-apparel retailer.
Better-than-expected results pushed Finish Line's shares 4% higher to $28.12 in midday trading, adding to the 11% gain notched this year through Thursday's close.
The Indianapolis-based company's results reverse struggles in recent quarters that had been stung by more promotions and lower mall traffic. The report Friday showed a 9.1% jump in revenue and a same-store-sales increase of 5.5%.
Fellow sports retailer Nike Inc., which is one of Finish Line's main suppliers, similarly beat expectations when it reported quarterly results Thursday. The rise of "athleisure"--so named for the rise in consumers sporting athletic gear for more than just exercise, like the ubiquitous yoga pant--has benefited retailers in the space.
Women's merchandise led the Finish Line's first-quarter sales increase and the running category grew in the high single-digits, company President Michael Sato said on a call with analysts. Basketball comparative-store sales returned to positive territory, helped by demand for Under Armour's new Steph Curry shoe and retro styles, after some recent product misses in the category.
In all for the first quarter, Finish Line reported a profit of $13.8 million, or 30 cents a share, up from a year-earlier profit of $12.4 million, or 25 cents a share. Revenue rose to $443.4 million from $406.5 million.
Analysts had anticipated 24 cents in earnings per share and $429.8 million in sales.
The company closed 15 stores during the quarter, bring its tally to 624 shops.
Gross margin contracted to 31.3% from 31.7%. Chief Executive Glenn Lyon said on the earnings call that Finish Line expects some product-margin challenges during the current quarter, adding that improvement during the later half of the year is expected.
Finish Line affirmed its full-year outlook, still expecting per-share earnings to increase by a percentage in the low-single to mid-single-digit range over the $1.67 earned in 2015. Sales at stores that aren't newly opened or closed also are expected to grow by a percentage in the low-single to mid-single-digit range.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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