Indianapolis -- The Finish Line said its fourth-quarter profit dropped 18% as gross margins fell and overall sales declined more than analysts expected. The chain’s adjusted earnings and same-store sales growth, however, were in-line with its expectations.
For the fourth quarter ended March 2, Finish Line reported net income of $34.3 million, down from $41.9 million a year earlier.
Consolidated net sales were down 3% to $442.7 million. Same-store sales increased 0.7%. Digital sales, which are included in the comparable store sales results, were up 21.0%.
"While our fourth quarter performance was in-line with expectations, it was a challenging second half of the year for us," commented Glenn Lyon, chairman and CEO. "We