INDIANAPOLIS ( TheStreet) -- Shares of Finish Line ( FINL) 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). 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) 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.

Follow TheStreet.com on Twitter and become a fan on Facebook.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

If you liked this article you might like

Stocks Close Higher as Wall Street Dissects New Tax Laws

Stocks Close Higher as Wall Street Dissects New Tax Laws

Finish Line's Surprisingly Good Earnings Bode Well for Nike and Macy's

Finish Line's Surprisingly Good Earnings Bode Well for Nike and Macy's

Video: Jim Cramer on AT&T, Comcast, Boeing, The Finish Line, Macy's and Facebook

Video: Jim Cramer on AT&T, Comcast, Boeing, The Finish Line, Macy's and Facebook

Video: Jim Cramer on What The Finish Line's Results Mean for Macy's and Nike

Video: Jim Cramer on What The Finish Line's Results Mean for Macy's and Nike

Stocks Trade Higher After Passage of U.S. Tax Law

Stocks Trade Higher After Passage of U.S. Tax Law