USA: Finish Line Lowers FY Guidance On Slow Sales
Athletic footwear retailer Finish Line Inc has lowered its full-year profit guidance after reporting a 2 per cent slip in same-store sales for the second quarter of 2005.
The company reported a 9 per cent increase in net sales to $341.6 million for the second quarter of 2005 compared to net sales of $312.2m for the same quarter last year. Same-store sales for the quarter slipped 2 per cent compared to an increase of 6 per cent in the same period last year.
The company now expects second-quarter earnings per share of $.37-$.39n compared with previous guidance of $.48 to $.50 per diluted share.
Full-year sales are expected to be approximately $1.3 billion with diluted earnings per share in the range of $1.16 to $1.21.
The company attributed the reduced full-year guidance to the decrease in sales, product margin pressure resulting from a more promotional environment, and negative leverage on occupancy costs and selling, general and administrative expenses.
The Finish Line Inc sells footwear, apparel and accessories for men, women and children.
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