Finish Line Turns First Quarter Profit

June 27, 2008 3:53 p.m. EST

Indianapolis, IN (AHN) - Shares of Finish Line are trading higher after the athletic footwear and apparel retailer reported a first quarter profit of 2 cents a share Thursday after the close.

For the quarter ended May 31, the company reported net income of $868,000 compared with a loss of $3.9 million the same period, a year ago.

Revenue rose slightly, to $287.9 million from $285.8 million a year earlier.

Analysts polled by Thomson Financial expected a loss of 5 cents a share on revenue of $281.3 million.

Finish Line's earnings were helped by same store sales growth of 1.2 percent during the quarter.

"Producing a same-store sales increase with all that you've heard about consumers, this is a remarkable achievement," said Bernie Sosnick, an analyst for Gilford Securities Inc., according to the Associated Press.

Finish Line did see a decrease in same store sales for its Man Alive stores; however, CEO Alan Cohen noted that profit margins increased for the chain.

Finish Line shares are trading higher 25 percent to $8.70 a share.