Macy’s downgraded to underweight, stock price target cut to $25 at Morgan Stanley

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

Finish Line shares fall after same-store sales miss

Finish Line Inc. shares fell 1.7% in Thursday premarket trading after the athletic retailer reported fourth-quarter same-store sales that fell further than expectations. Net income totaled $16.3 million, or 40 cents per share, after a loss of $9.5 million, or 23 cents per share, for the same period last year. Adjusted EPS, which includes the impact of charges, store closings and the tax overhaul, were 59 cents per share. Revenue totaled $561.3 million, up from $557.5 million. Sales at Macy’s Inc. were up 8.5% for the quarter. Same-store sales at Finish Line fell 7.9%. The FactSet consensus was for EPS of 58 cents, revenue of $561.0 million, and a same-store sales decline of 5.9%. Finish Line agreed to be acquired by JD Sports Fashion Plc earlier this week, sending shares soaring. The deal is expected to close no earlier than June 2018. Finish Line shares are down 2.2% while the S&P 500 index is up 10.3% for the period.

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

Leave a Reply