Mall-based specialty retailer Finish Line, Inc. (FINL), Thursday reported a swing to loss from a year ago, reflecting a drop in net sales as well as comparable store sales. Quarterly results were also negatively impacted by the closure of Man Alive stores.
Indianapolis, Indiana-based Finish Line's net loss for the second quarter was $874 million or $0.02 per share, compared to net income of $13.094 million or $0.24 per share in the same quarter last year.
The company, however, recorded quarterly net income from continuing operations of $11.748 million or $0.21 per share , down from $14.911 million or $0.27 per share in the same quarter last year.
Loss from discontinued operations for the second quarter widened to $12.622 million or $0.23 per share from $1.817 million or $0.03 per share in the same quarter last year. Discontinued operations for the quarter included all financial results of the Man Alive operations.
Operating income for the quarter also declined to $18.728 million from $24.203 million in the comparable quarter a year ago.
Quarterly net sales dropped 11.4%, below Street estimates, to $298.73 million from $337.00 million as comparable store sales for the quarter declined 9.9% compared to a 4.9% increase recorded in the same quarter last year. On average, six analysts polled by Thomson Reuters expected net sales of 353.31 for the second quarter.
For the six-months period, the company slipped to a loss of $1.482 million or $0.03 per share from a profit of $13.291 million or $0.26 per share in the same quarter a year ago.
Income from continuing operations for the period was $13.5 million or $0.24 per share, down from $17.3 million or $0.32 per share in the same period a year ago.
Net sales for the period also dropped to $557.829 million from $610.019 million in the same quarter last year as comparable store sales dropped 7.2%, compared to an increase 3.4% in the same quarter last year.
Commenting on the results, Glenn Lyon, chief executive officer, Finish Line, said, "In the second quarter, we continued to manage the business conservatively by controlling costs and increasing efficiencies, but we also made and will continue to make appropriate investments in our business to drive sales and profitable growth."
FINL closed Thursday's trading at $9.30, down $0.12 or 1.27%, on a volume of 0.433 million shares on the Nasdaq.
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