A one-time tax benefit helped The Finish Line Inc. post a profit during its third quarter, ended Nov. 28.
Earnings during the period were $6.5 million, or 12 cents a diluted share, compared with a loss of $6.5 million, or 12 cents, during the same year-ago quarter. The most recent results include a $6.5 million one-time tax benefit.
Analysts polled on Yahoo Finance had predicted a loss of 9 cents a share for the quarter.
Sales during the quarter remained flat, at $240.1 million, compared with $240.6 million a year ago. Comparable-store sales increased 1.7 percent from last year, when the Indianapolis-based retail company posted a 3.3 percent decline.
For the first three weeks of December, net sales rose 4.9 percent, versus a 22.1 percent drop during the same period a year ago.
“We continue to display an ability to perform well and improve our business in what remains a cautious consumer environment,” Finish Line CEO Glenn Lyon said on a conference call with analysts and investors. “In the third quarter, we effectively controlled expenses, managed inventories and improved store execution. We also continued to work productively with our vendor partners to stress innovation in product, consistent with our ongoing premium positioning. We are doing a good job of leveraging our strengths and continue to seek paths for profitable growth while we remain in a challenging consumer environment.”