The Finish Line (FINL) stock shot up over 5% on heavy trading volume in the early afternoon after the shoe retailer reported Q1 earnings in line with analyst expectations.
The company reported diluted earnings per share of 23 cents, meeting the FactSet average analyst expectation.
Net sales were relatively flat at $429.8 million, down under 1% from the same time last year. Sales fell short of the analyst estimated consensus of $434 million.
Net income dropped 15% year-over-year and same store sales were down 1.1%.
"We offset pressure on our top-line and protected profitability with disciplined expense management resulting from the work we've done creating a more nimble and efficient organization," CEO Sam Sato said.
The company said it expects comparable sales to increase in the single digits and sees earnings between $1.12 and $1.23 per share for the full fiscal year. FactSet analysts see earnings for the year of $1.14.
What's Hot On TheStreet:
Well OK then, Jeff Immelt: General Electric's (GE) - Get Report outgoing CEO Jeff Immelt had some choice things to say at an event in NYC on Thursday night, TheStreet's Kinsey Grant reports. First, Immelt revealed a possibly fatal management mistake Kroger's (KR) - Get Report CEO might have made about Amazon (AMZN) - Get Report who as we all know, just inked a $13.7 billion deal for organic grocer Whole Foods (WFM) . Immelt then took a jab at Hillary Clinton and Barack Obama for not visiting factories in their push to lift manufacturing wages. Talk about a well-paid boss going down swinging.
Why Sears Canada is dying: Sears Canada (SRSC) has one foot in the grave just like its ailing U.S. friend Sears Holdings Corp. (SHLD) . Unfortunately for Sears Canada, it's that friend across the boarder that has played a large role in its demise, TheStreet's Michelle Lodge reports. Sears has sucked badly needed cash away from Sears Canada through the years, leaving it unable to upgrade stores and do other things to compete effectively in the always challenging Canadian retail market.
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