UPDATE: Finish Line Posts Upbeat Q1 Earnings, Shares Gain

Shares of Finish Line

gained more than 4% in pre-market trading after the company reported better-than-expected fiscal first-quarter earnings. Finish Line's quarterly profit surged to $12.4 million, or $0.25 per share, versus a year-ago profit of $5.1 million, or $0.10 per share. Excluding certain items, it earned $0.28 per share. Its sales climbed 16% to $406.5 million. However, analysts were projecting earnings of $0.21 per share on sales of $394 million. Finish Line comparable store sales rose 5.0% in the period. Finish Line's gross margin widened to 31.7% from 30.5%, while input costs increased 14% to $277.7 million. Finish Line repurchased 700,000 shares of its common stock in the quarter. The company's press release offered the following comment from Glenn Lyon, Chairman and Chief Executive Officer: “We are very pleased with the strong start to fiscal 2015 we delivered in the first quarter.” Finish Line also reaffirmed its forecast for the year. Finish Line shares surged 4.70% to $30.52 in pre-market trading.