Finish Line (FINL) on Friday said its first-quarter earnings more than doubled, as sales continued to climb.
The sports apparel retailer reported a profit of $12.4 million, or 25 cents a share, compared to $5.1 million, or 10 cents a share, in the year-ago period. Adjusted earnings checked in at 28 cents a share.
Revenue improved 16% to $406.5 million. The results beat Wall Street estimates for earnings of 21 cents a share and revenue of $394.5 million.
Shares climbed 3.4% to $30.14 in recent trading. Finish Line has gained about 7.2% since the start of 2014.
Finish Line was able to combat declining sales of running shoes during the winter months by offering a wider selection of basketball gear. Other retailers widely saw a drop in sales, citing harsh winter weather that kept shoppers away.
In the period ended May 31, Finish Line’s same-store sales were up 5%. Last month, rival Foot Locker (FL) booked a 7.6% increase in first-quarter comparable sales. Both retailers benefited from growing demand for sneakers and sports gear, fueled by new products from Nike (NKE) and other apparel companies.
“The integration of our store and digital operations is allowing us to deliver great product and service to consumers in a seamless fashion no matter what channel they choose to shop,” Finish Line chairman and chief executive Glenn Lyon said in a statement.
Lyon added that Finish Line has expanded its market share through a relationship with Macy’s (M).
The Indianapolis-based company affirmed its outlook for the fiscal year. Finish Line expects comparable sales growth in the mid-single-digits on a percentage basis and earnings growth in the high-single-digits to low-double-digits.
Shares of Finish Line traded 3% higher in recent action.