Finish Line Inc (NASDAQ:FINL), which sells running shoes from brands such as Nike (NYSE:NKE), Puma, and Adidas, posted sales for the fourth quarter that beat analysts’ expectations, though earnings were in line.
Higher demand for running shoes pushed up sales to $456.3 million, against expectations of $432.62 million. Earnings were $41.9 million (80 cents per share) against $34.2 million (63 cents per share) in the previous year. Earnings per share were 81 cents before exceptional items, as per street estimates.
The company announced that it is teaming up with Gart Capital Partners to create largest specialty running business in the country. Gart Capital will invest $10 million in the venture, and run the day-to-day operations from Denver, where the Running Specialty Group would be relocated.
Earnings for the first quarter, however, are expected to be down 30 percent due to lower profit margins. Analysts expect earnings per share of 36 cents.
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