August 17, 1998 11:12 AM
DOW JONES NEWS SERVICE
JUST FOR FEET CEO BACKS ANALYSTS' 2Q EARNINGS VIEWS
NEW YORK (Dow Jones)--Just For Feet Inc. (FEET) expects to meet analysts' earnings expectations for the fiscal second quarter ended July 31, according to Chairman and Chief Executive Harold Ruttenberg.
"We're not missing any numbers," Ruttenberg said Monday in a CNBC interview. "Every time a competitor misses a number, we get hit."
His statement comes after competitor Finish Line Inc. (FINL) said it expects to fall short of analysts' estimates for its second quarter ending Aug. 29. That announcement Thursday pushed the entire sector lower, including Just For Feet, which lost 3 3/8, or 20.5%, to close at 15.
Just For Feet, which plans to report earnings later this week, was recently trading at 16 1/4, up 3/4, or 4.8%.
Analysts surveyed by First Call expect the Birmingham, Ala., shoe retailer to earn 25 cents a share for the quarter. That would compare with 16 cents a year earlier.
Ruttenberg said Just For Feet doesn't expect a price war with competitors, noting that he hasn't seen much pricing pressure from Venator Group Inc.'s (Z) Foot Locker stores.
The executive said margins, a concern for the company in the past, are currently on the rise, while inventories are decreasing.
-Scott Eden; 201-938-5173
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