Finish Line retail location

INDIANAPOLIS (June 27, 2008)—The Finish Line, Inc. (FINL) released company earnings for the first quarter, ended May 31, 2008.

The company’s income from continuing operations during Q1 2008 was reported at $0.9 million, or 2 cents per diluted share, compared to last year’s Q1 loss of 5 cents per diluted share. First quarter total consolidated net sales increased 0.8 percent to $287.9 million, this compares to net sales of $285.8 million during the first quarter of 2007. Additionally, consolidated comparable store net sales increased 1.2 percent, compared to the same period a year ago.

As of May 31, 2008, merchandise inventories on a consolidated basis were $281.2 million, compared to $308.1 million on June 2, 2007. On a comparable per square foot basis, these figures indicate a decrease of 8 percent.

“While the macroeconomic conditions remain challenging, we are encouraged by the improvement in our business during April and May, which demonstrates the progress we are making in the execution of our strategic merchandising plans and inventory management,” says Finish Line CEO Alan H. Cohen. “The company’s financial position is strong as we ended the quarter with $40 million in cash and no interest-bearing debt. Going forward, we will remain focused on these product and operational initiatives, which are measurably improving the company’s performance and helping differentiate The Finish Line, Inc. with consumers.”

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