) -- A day after
announced that it swung to a second-quarter loss, shares in the company soaring -- on the hope, as stated by the company, that there's no where left to go but up.
During the quarter, the sneaker retailer recorded a loss of $874,000, or 2 cents a share, compared with a profit of $13.1 million, or 20 cents, in the year-ago period.
The company said the discontinued Man Alive chain weighed on results. Excluding its impact, Finish Line actually earned 21 cents a share, above Wall Street's forecast of 20 cents.
Sales tumbled 11% to $298.7 million, while same-store sales sank 9.9%.
But things can only get better from here, as the impact of Man Alive will be smaller in the third quarter and sales comparisons will ease, the company said.
Shares of the company shot up 10% in morning trading to $10.24.
-- Reported by Jeanine Poggi in New York
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.