Shares of Finish Line Inc. plunged 14% in premarket trade Wednesday, after the athletic shoe retailer reported fiscal third-quarter results that missed expectations and provided a downbeat outlook. The loss for the quarter to Nov. 26 widened to $40.4 million, or $1.00 a share, from $21.8 million, or 49 cents a share, in the same period a year ago. Excluding non-recurring items, such as severance related charges, the adjusted loss per share was 24 cents, compared with the FactSet consensus for a per-share loss of 18 cents. Revenue rose to $371.7 million from $361.0 million, but missed the FactSet consensus of $411.3 million, as same-store sales growth of 0.7% fell well short of expectations of an 8.3% increase. For the fourth quarter, the company expects adjusted EPS of 68 cents to 73 cents, below the FactSet consensus of 95 cents, and a same-store sales decline of 2% to 3% versus expectations of 2.8% growth. "Steep declines in apparel and accessories offset a high-single digit footwear comp gain and a 33% sales increase in our Macy's business," said Chief Executive Sam Sato. The stock has soared 27% year to date through Tuesday, while the SPDR S&P Retail ETF gained 8.1% and the S&P 500 climbed 11%.
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