For several quarters, we've been hearing about the turnaround that's supposed to be coming for mall-based shoe retailer Finish Line (NASDAQ:FINL). It's certainly not here yet.

Earnings for the first quarter came in just above dismal expectations. After reporting that sales fell 0.2% for the quarter and comps were down 3.9%, Finish Line realized it had better prepare the Street for earnings that would also drop. So, just last month, the company announced that it expected a loss of $0.09 to $0.11 per share in the first quarter. Making sure not to look foolish, analysts quickly adjusted their own estimates from a gain of $0.06 per share to a loss of $0.07 per share. What brilliant visionaries!

Finish Line ended up reporting a loss of $3.9 million, or $0.08 per share, compared with earnings of $4.4 million, or $0.09 per share, in the first quarter last year. That was slightly better than its guesses, but it was still below analysts' updated estimates. Despite the drastic shift in earnings, caused by falling sales and rising expenses, company executives think the adjustments they have made to the product mix and operations will lead to improvements in its business. I'll believe it when I see it.

Matters got more interesting last month for Finish Line, when the company announced plans to acquire Genesco (NYSE:GCO), but the company's potential has hardly improved as a result. I realize Finish Line is hoping to provide a more diverse product mix to shoppers, but this move seems desperate to me.

With Finish Line's sales and earnings plummeting at existing stores, I don't trust its ability to incorporate another company into its operations. With or without the acquisition, I see no reason for investors to shop for Finish Line these days.

For more on Finish Line's run of late, check out:

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