Finish Line Doubles Profits in its First Quarter

TheStreet

Shares of Finish Line are moving higher Friday after the footwear retailer more than doubled its first-quarter profit. Unadjusted net income surged to $0.25 cents a share from $0.10 cents a share a year earlier. Excluding one-time charges, profits of $0.28 cents a share beat analysts' estimates by $0.07 cents. Revenue spiked nearly 6% to $407 million and beat forecasts of $394.5 million. Same-store sales gained 5%, shrugging off weak traffic that has been a trend at other retailers. CEO Glenn Lyon credits that to a seamless in-store and online strategy and an expanded footprint in Macy's department stores. TheStreet's Keris Lahiff reports from New York.