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Finish Line Earnings & Guidance Lift Dick's & Foot Locker
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Shares of Finish Line surged nearly 12% on Thursday morning after the company reported both top and bottom line third quarter beats. Finish Line’s better-than-expected Q3 also helped lift shares of fellow sports retailers, with Dick's Sporting Goods (DKS - Free Report) and Foot Locker (FL - Free Report) stock both climbing in morning trading.
The athletic footwear-focused retailer beat Wall Street expectations for earnings, revenue, and same-store sales. Indianapolis-based Finish Line saw its Q3 revenues jump 1.8% year-over-year, driven in part by a 0.8% increase in comps. Finish Line’s partnership with Macy’s (M - Free Report) also proved to be somewhat successful, as sales in that category rose by 2.3%.
“Looking ahead, we continue to be cautious in the near-term, but I am confident that the work we are doing to position the company for long-term growth and enhanced profitability is gaining traction,” CEO Sam Sato said in a statement.
Finish Line now expects to post a 2% to 3% decline in comparable sales for its full fiscal year. The retailer also projects to report a drop in fourth-quarter comparable store sales in the 3% to 5% range.
However, based on the company’s solid third-quarter, it upped its adjusted full-year earnings per share range to between $0.59 and $0.67. The retailer’s previous guidance range was $0.50 per share to $0.60 per share.
This new positive guidance helped lift shares of Finish Line to their highest point since August, touching $13.41 per share in morning trading. Before today’s gains, shares of Finish Line had fallen nearly 38% in 2017.
Shares of fellow sports retailers climbed after Finish Line posted a stronger than anticipated Q3 and raised its full-year guidance.
Dick's Sporting Goods saw its stock price pop around 1.90%, while shares of Foot Locker surged nearly 3%. Shares of lesser-known sports retailer Hibbett Sports rose over 1.25%.
Shares of sports footwear and apparel powers Under Armour (UAA - Free Report) , Adidas AG (ADDYY - Free Report) and Nike (NKE - Free Report) remained little changed on Thursday. Nike is set to report its latest results after the closing bell today.
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Finish Line Earnings & Guidance Lift Dick's & Foot Locker
Shares of Finish Line surged nearly 12% on Thursday morning after the company reported both top and bottom line third quarter beats. Finish Line’s better-than-expected Q3 also helped lift shares of fellow sports retailers, with Dick's Sporting Goods (DKS - Free Report) and Foot Locker (FL - Free Report) stock both climbing in morning trading.
The athletic footwear-focused retailer beat Wall Street expectations for earnings, revenue, and same-store sales. Indianapolis-based Finish Line saw its Q3 revenues jump 1.8% year-over-year, driven in part by a 0.8% increase in comps. Finish Line’s partnership with Macy’s (M - Free Report) also proved to be somewhat successful, as sales in that category rose by 2.3%.
Still, Finish Line reported an adjusted quarterly loss of $12.9 million, or $0.26 per share (also read: Finish Line Posts Narrower-Than-Expected Loss in Q3).
“Looking ahead, we continue to be cautious in the near-term, but I am confident that the work we are doing to position the company for long-term growth and enhanced profitability is gaining traction,” CEO Sam Sato said in a statement.
Finish Line now expects to post a 2% to 3% decline in comparable sales for its full fiscal year. The retailer also projects to report a drop in fourth-quarter comparable store sales in the 3% to 5% range.
However, based on the company’s solid third-quarter, it upped its adjusted full-year earnings per share range to between $0.59 and $0.67. The retailer’s previous guidance range was $0.50 per share to $0.60 per share.
This new positive guidance helped lift shares of Finish Line to their highest point since August, touching $13.41 per share in morning trading. Before today’s gains, shares of Finish Line had fallen nearly 38% in 2017.
Shares of fellow sports retailers climbed after Finish Line posted a stronger than anticipated Q3 and raised its full-year guidance.
Dick's Sporting Goods saw its stock price pop around 1.90%, while shares of Foot Locker surged nearly 3%. Shares of lesser-known sports retailer Hibbett Sports rose over 1.25%.
Shares of sports footwear and apparel powers Under Armour (UAA - Free Report) , Adidas AG (ADDYY - Free Report) and Nike (NKE - Free Report) remained little changed on Thursday. Nike is set to report its latest results after the closing bell today.
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors.
Click here for Zacks' private trades >>