Even though the overall stock market was down sharply, shares of the Indianapolis-based retailer spiked and were trading late morning at $20.18, up $3.39 on the day.
Finish Line reported earnings per share for the fiscal first quarter, which ended May 28, of 23 cents, a penny higher than analysts had forecast. Sales climbed 2.3 percent to $453.2 million, topping the $449.6 million estimate from analysts. The company said same-store sales rose 2.3 percent.
“We delivered first quarter results that were in line with expectations despite the challenging retail environment,” Finish Line CEO Sam Sato said in a written statement.
Finish Line said profit totaled $9.6 million, down from $13.8 million in the same period a year earlier.
The company has been trying to win back investor confidence after a series of missteps, including a botched transition to a new warehouse-management system late last year that caused it to miss out on $32.5 million in sales.
When the company announced that setback, it also reported that longtime CEO Glenn Lyon was stepping aside and was being succeeded by Sato, who’d been president.
Finish Line operates 980 Finish Line locations, primarily in malls and inside Macy’s stores, and 71 JackRabbit running shops.