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UPDATE 1-Finish Line raises 1st quarter profit estimate
May 30, 2012 / 11:33 AM / 5 years ago

UPDATE 1-Finish Line raises 1st quarter profit estimate

May 30 (Reuters) - Footwear retailer Finish Line Inc raised its profit estimate for the first quarter as it now sees sales better than it had initially thought.

Finish Line, which sells brands from companies such as Nike Inc, Puma SE and Adidas AG, said for the first quarter ending June 2, it expects comparable store sales to rise about 8.5 percent and expects to earn 22 to 23 cents a share.

It had earlier expected comparable sales rise in the mid-single-digit range and earnings of about 21 cents a share.

Finish Line, which has posted higher earnings for the past five quarters, is increasing spending on its website and on in-store devices like tablets and handheld electronic gadgets that list its products to make shopping more convenient.

The company also said for fiscal 2016, it is aiming for net sales of $2 billion, and earnings of $2.50 a share.

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