NEW YORK (
) -- Shares of
The Finish Line
topped the percentage decliners list in extended trading on Thursday after the Indianapolis athletic shoe retailer reported second-quarter results that missed Wall Street's expectations.
In a press release after the closing bell, the company said it earned $16.8 million, or 31 cents a share, on a continuing operations basis in the 13 weeks ended August 28. That performance was up from its year-ago equivalent profit of $11.7 million, or 21 cents a share, but below the average estimate of analysts polled by
for earnings of 35 cents a share in the August period.
Finish Line also fell short on the top line, posting revenue of $301.1 million vs. a consensus view of $316 million. Same-store sales were up 2% in the quarter.
The stock was down 13.4% in afterhours action to $13.59, according to
, on volume of around 167,000. Based on their regular session close at $15.69, the shares were up 21.4% so far in 2010, although they had pulled back since hitting a 52-week high of $18.11 on April 26. Prior to the report, the stock had risen in five of the last nine sessions, and managed to break above 50-day and 200-day moving averages of $13.91 and $15.04 respectively, a bullish sign.
Finish Line didn't provide an earnings outlook in its release, but did say that September same-store sales were up 6.2% through Sept. 19.
The bar was set pretty high for Finish Line ahead of the report as 9 of the 12 analysts covering the stock were at strong buy. Wedbush Morgan reiterated its outperform rating earlier this week, saying it expected earnings of 37 cents a share and theorizing the company should be benefiting from new product cycles at
, as well as back-to-school selling season. For its part, Nike reported its fiscal first-quarter results also after Thursday's close, beating Wall Street expectations by a healthy margin.
Finish Line is slated to hold its conference call Friday morning.
The big mover on the plus side after the close was
, which beat Wall Street expectations for its fiscal third-quarter profits by 2 cents, and announced the acquisition of OpenSpirit Corp., a Stafford, Texas-based private provider of software applications for the oil industry.
Tibco shares jumped 9.1% to $17.86 in late trades on volume of nearly 500,000. Based on its regular session close of $16.37, the stock was already up more than 65% year-to-date.
Written by Michael Baron in New York.
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