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Finish Line Jumps on Surprise Profit

INDIANAPOLIS ( TheStreet) -- Shares of Finish Line (FINL - Get Report) leapt higher a day after the company said it swung to a profit in its third quarter.

During the period, the sneaker retailer earned $6.6 million, or 12 cents a share, compared with a loss of $8.8 million, or 16 cents a share, in the year-ago quarter.

Results were boosted by a one-time tax gain of $6.5 million related to the termination of its plans to buy Genesco (GCO - Get Report). Excluding this and other items, Finish Line broke event, beating the consensus analyst forecast of a 9-cent loss.

Revenue fell by less than 1% to $240.1 million from $240.6 million a year ago, while same-store sales increased 1.7%.

In morning trading Wednesday, shares of Finish Line surged nearly 8% to $10.77 on heavy volume.

Last week, Nike (NKE - Get Report) reported a 1% drop in its second-quarter profit but said future orders -- for merchandise to be delivered through early spring -- were up 4%.

- Reported by Jeanine Poggi in New York.

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