Finish Line (FINL 12.79, +0.06) has added 0.5% after reporting in-line results and reaffirming its guidance.
The footwear retailer reported in-line first quarter earnings of $0.23 per share on revenue of $429.80 million, which was unchanged year-over-year.
Comparable store sales declined 1.1% year-over-year while sales at Macy's (M 22.09) jumped 13.6% year-over-year.
Finish Line CEO Sam Sato said the company ran into some unanticipated headwinds towards the end of the quarter. Comparable sales during March and April increased in the low single digits, but weak traffic trends and a difficult product launch comparison in May reduced the comparable sales growth rate for the quarter. Looking to offset the pressure, the company engaged in disciplined expense management.
Consolidated merchandise inventories grew 5.1% year-over-year to $341.4 million. Finish Like repurchased 250,000 shares of its common stock during the quarter and it is authorized to repurchase 4.5 million more shares under the current authorization.
Looking ahead, Finish Line expects that earnings for the full year will be between $1.12 and $1.23 per share. The company expects that comparable store sales will be up in the low single digits.
Despite today's pre-market uptick, shares of Finish Line are set to begin the day not far above this year's low of $12.25, which was recorded on Wednesday.