Finish Line Falters Following 3Q Earnings Miss

Finish Line also lowered its full-year earnings guidance.
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Finish Line (FINL) shares fell more than 10% Wednesday after the sneaker-seller reported third-quarter top- and bottom-line results that missed analysts' forecasts. Finish Line posted a net loss of 24 cents per share on revenue of $371 million. Wall Street was looking for a net loss of 18 cents a share on revenue of 411 million. The company also lowered its full-year earnings guidance to between $1.24 and $1.30 per share from its previous view of $1.50 and $1.56 per share. So what tripped up Finish Line? Apparel, which accounted for 9% of the company's sales in the quarter, down from 15% a year ago.