Finish Line's (NASDAQ:FINL) performance seems to be nearing a flatline. The shoe and apparel retailer has been floundering for some time now and its latest sales results indicate there is no end in sight. The only reason I see as to why the company's stock hasn't fallen further is that investors hope it will be acquired.

For the first quarter, Finish Line reported sales of $288.3 million, down 0.2% from the first quarter of last year. Meanwhile, its comps fell 3.9% in the quarter, with its only bright spot being the 0.6% increase at its Man Alive locations. And, as if the retailer's recent performance hasn't been bad enough, it seems destined to continue stumbling forward.

On the same day it announced its decreased sales, Finish Line stated its first-quarter earnings expectations, which will be announced after the close on June 28. The company expects to report a loss of $0.09 to $0.11 per share for the quarter after earning $0.09 per share in the year-ago period. Analysts were anticipating that the company would post a profit of $0.06 per share but have now revised their estimates to a loss of $0.07 per share.

Finish Line's supposed turnaround certainly appears to be finished, if it ever truly began at all. At a time when a market leader like Foot Locker (NYSE:FL) is issuing warnings about disappointing first-quarter earnings, I see little hope for Finish Line being able to succeed in improving its own dire situation. Investors may be willing to bet that Finish Line will either be acquired or its situation can't possibly get worse and its turnaround plans will finally pay off. In my opinion, neither possibility makes it a sensible investment.

To decide for yourself if Finish Line has flatlined, check out:

Fool contributor Mike Cianciolo welcomes feedback and doesn't own share of any of the companies in this article.