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Finish Line 3Q results top Street, lifts outlook

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The Associated Press | December 20, 2013 09:11 AM EST | AP


NEWS: Finish Line returned to a profit in its fiscal third quarter as a key sales barometer improved.

The athletic shoe and clothing company's performance beat analysts' expectations, and it raised its 2014 earnings forecast.

Shares climbed more than 7 percent in premarket trading on Friday.

DETAILS: Sales at stores open at least a year, a key indicator of a retailer's health, increased 7.1 percent. This figure excludes results from stores recently opened or closed.

NUMBERS: Finish Line Inc. earned $2.3 million, or 5 cents per share, for the period ended Nov. 30. That compares with a loss of $107,000, or breakeven results, a year earlier.

Taking out impairment charges, earnings were 6 cents per share in the latest quarter. Analysts polled by FactSet expected earnings of 2 cents per share.

Revenue rose to $364.5 million from $296.6 million. Wall Street called for revenue of $353 million.

FUTURE: The company now foresees 2014 adjusted earnings climbing 9 percent to 12 percent to $1.60 to $1.65 per share. Its prior guidance was for a mid-single digit percentage increase. Sales at stores open at least a year are now expected to rise about 3 percent to 4 percent. Finish Line previously predicted a low-single digit rise in the metric.

Analysts expect full-year earnings of $1.59 per share.

STOCK: The stock gained $1.86, or 7.1 percent, to $28 in premarket trading 30 minutes before the market open.