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Finish Line shares tumble after third-quarter losses

Shares of Finish Line fell as much as 15 percent after the company posted disappointing results on Wednesday.

The stock later recovered its losses, but still ended the day more than 8 percent lower.

The retail chain reported an adjusted loss of 24 cents a share on revenue of $372 million. Both figures missed analysts' expectations of a loss of 18 cents a share on revenues of $411 million, according to Thomson Reuters consensus estimates.

"We are disappointed that our third quarter sales and earnings fell short of our expectations," Sam Sato, CEO of Finish Line, said. "Steep declines in apparel and accessories offset a high-single digit footwear comp gain and a 33 percent sales increase in our Macy's business."

The company reported an increase of 0.7 percent in same-store sales, but was downbeat on its fourth-quarter earnings outlook. Finish Line also expects a 3-to-5-percent drop in same-store sales for its current quarter, as well as adjusted earnings of between 68 cents a share and 73 cents a share.

For its fiscal year, which ends in February 2017, the company now expects comparable store sales to range between zero and 1 percent, as well as adjusted earnings of between $1.24 and $1.30 a share.