Revenue during the quarter went up marginally by 2.97 percent to $371.74 million from $361.02 million in the previous year period. Gross margin for the quarter expanded 373 basis points over the previous year period to 26.73 percent. Operating margin for the quarter stood at negative 5.05 percent as compared to a negative 9.10 percent for the previous year period.

Operating loss for the quarter was $18.77 million, compared with an operating loss of $32.84 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $16.64 million compared to operating loss of $32.68 million in prior year period.

"We are disappointed that our third quarter sales and earnings fell short of our expectations," said Sam Sato, chief executive officer of Finish Line. "Steep declines in apparel and accessories offset a high-single digit footwear comp gain and a 33% sales increase in our Macy’s business. While we continue to work on narrowing our soft goods assortment and aligning our offering with customer demand, our primary focus remains on growing the cornerstones of the Company’s foundation - our Finish Line footwear business and our partnership with Macy’s - through enhanced customer engagement. At the same time, we are making progress developing a more efficient operating model that drives increased profitability and greater shareholder value over the long-term. We are now fully benefitting from our enhanced supply chain and are just beginning to realize the $6 million in annualized savings from our actions aimed at streamlining our organizational structure. Despite our recent underperformance, we remain confident in the strategic course we have set for the Finish Line."

For financial year 2017, The Finish Line, Inc. forecasts diluted earnings per share to be in the range of $1.24 to $1.30 on adjusted basis.

For the fourth-quarter 2017, The Finish Line, Inc. forecasts diluted earnings per share to be in the range of $ 0.68 to $ 0.73 on adjusted basis.