Revenue during the quarter went down marginally by 0.06 percent to $429.77 million from $430.04 million in the previous year period. Gross margin for the quarter contracted 132 basis points over the previous year period to 29.65 percent. Total expenses were 97.01 percent of quarterly revenues, up from 96.37 percent for the same period last year. That has resulted in a contraction of 64 basis points in operating margin to 2.99 percent.

Operating income for the quarter was $12.86 million, compared with $15.63 million in the previous year period.

However, the adjusted operating income for the quarter stood at $15.35 million compared to $15.63 million in the prior year period. At the same time, adjusted operating margin contracted 6 basis points in the quarter to 3.57 percent from 3.63 percent in the last year period.

"We delivered earnings in-line with our expectations despite some unanticipated headwinds late in the quarter," said Sam Sato, chief executive officer of Finish Line. "Following low-single digit comparable sales growth for the combined March/April period, weak traffic trends, and a difficult product launch comparison in May resulted in comps coming in below plan. We offset pressure on our top-line and protected profitability with disciplined expense management resulting from the work we've done creating a more nimble and efficient organization. While the retail environment remains challenging, we continue to be confident that our merchandising, digital, in-store, and operational initiatives underway will help fuel profitable growth beginning in the back half of this fiscal year, better positioning the company to deliver increased shareholder value over the long-term."

For financial year 2018, The Finish Line, Inc. projects diluted earnings per share to be in the range of $1.12 to $1.23 on adjusted basis.