Finish Line posts second quarter sales decrease, appoints Faisal Masud to Board

By

Obi Anyanwu

Published
Sep 25, 2017

Finish Line reported on Friday its second quarter results and outlook for the remainder of fiscal year 2018.

Consolidated net sales in the quarter fell 3.3% to $469.4 million and comparable sales decreased 4.5%, but Finish Line Macy’s sales increased 5.6%. According to CEO Sam Sato, “a very promotional marketplace for athletic footwear” impacted the results.
 
“With industry headwinds weighing on our sales and margin trends, we remain disciplined in managing our expenses and inventories,” he added.

“While we are planning for a challenging retail environment in the near-term, we are confident that the merchandise, digital, in-store and operational initiatives currently in place will allow us to achieve our current full year outlook and best position the company to deliver increased shareholder value over the long-term.”
 
The footwear retailer has not changed its outlook for the year, which includes comparable sales decreasing 3% to 5% versus its previous guidance for an increase in the low-single digit range.
 
Finish Line expects its third quarter and fourth quarter comparable sales 3% to 5%.

In addition to reporting its second quarter results and outlook, the company announced the appointment of Faisal Masud to its Board of Directors.

Masud, who currently serves as Chief Technology Officer of Staples, joined the Board on September 19, 2017 as a Class II director for a term expiring at Finish Line’s 2018 annual meeting of shareholders, and he will serve on the Compensation Committee of the Board of Directors.