The Finish Line, Inc. reported that net sales for the fiscal first quarter ended May 29 increased 24% to $258.0 million for the thirteen weeks ended May 29, 2004 compared to $207.8 million reported for the thirteen weeks last year ended May 31, 2003. Comparable store net sales increased 14% for Q1 on top of a 14% increase reported for Q1 LY.

Net income for Q1 was $10.6 million or $.43 per diluted share versus $6.5 million or $.28 per diluted share in Q1 LY, an increase of 54% (fifty-four percent) in diluted earnings per share. Diluted weighted average shares outstanding were 24,659,811 for the thirteen weeks ended May 29, 2004, versus 23,677,680 shares outstanding for the thirteen weeks ended May 31, 2003. These results include expenses related to the attempted purchase of certain Footaction stores. Excluding these Q1 expenses, the Company's net income would have increased 70% with diluted earnings per share increasing an additional $.02 to $.45.

Merchandise inventories were $221.6 million at May 29, 2004 compared to $182.2 million at May 31, 2003. On a per square foot basis, merchandise inventories increased approximately 11% compared to one year ago.

The Company operated 550 stores at May 29, 2004, an increase of 12% over the 490 stores operated one year ago. For the quarter, the Company opened 21 new stores, remodeled 8 existing stores and closed 2 stores. Total retail square footage increased 9% to 3,164,000 at May 29, 2004 versus 2,890,000 at May 31, 2003.

Mr. Alan H. Cohen, Finish Line's Chairman and Chief Executive Officer stated: “We are pleased to report a 62% increase in net income for the first quarter of Fiscal 2005. We continue to drive significant improvement in our financial performance as gross profit margin improved 110 basis points (occupancy costs improving 60 basis points and product margins increasing 50 basis points), from Q1 LY while SG&A expense improved 50 basis points versus Q1 LY. Our Company remains strong and flexible with cash and investments of $88 million and no interest bearing debt. We are well positioned and optimistic as we approach the Back-to-School selling season.”

                          The Finish Line, Inc.
              Consolidated Statements of Income (Unaudited)
             (In thousands, except per share and store data)

                                                Thirteen          Thirteen
                                              Weeks Ended       Weeks Ended
                                                 May 29,           May 31,
                                                  2004              2003
                                              -----------------------------
   Net Sales                                    $257,966          $207,805
   Cost of sales (including
    occupancy expense)                           179,700           147,094
                                              -----------------------------
   Gross profit                                   78,266            60,711

   Selling, general, and
    administrative expenses                       61,445            50,525
   Interest income(net)                              226               200
                                              -----------------------------
   Income before income taxes                     17,047            10,386
   Income taxes                                    6,478             3,843
                                              -----------------------------
   Net income                                    $10,569            $6,543
                                              =============================
   Diluted weighted average
    shares outstanding                            24,660            23,678
                                              =============================
   Diluted net income per share                    $0.43             $0.28
                                              =============================
   Number of stores open at end
    of period                                        550               490