Finish Line Earnings Climb 24% on 2% Comp-Store Gain

The Finish Line's net income for the first quarter was $12.7 million or 26 cents per diluted share versus $10.4 million or 21 cents per diluted share reported last year, an increase of 24% in diluted earnings per share.

Merchandise inventories on a consolidated basis (including Man Alive) were $259.8 million at May 28, 2005. Finish Line store merchandise inventories were $255.6 million compared to $221.6 million at May 29, 2004. On a per square foot basis, Finish Line store merchandise inventories increased approximately 3% (three percent) compared to one year ago.

The Company operated 625 Finish Line stores at May 28, 2005, an increase of 14% (fourteen percent) over the 550 stores operated one year ago. For the quarter, Finish Line opened 28 new stores, remodeled 7 existing stores and closed 1 store with retail square footage increasing 12% to 3,547,000 at May 28, 2005 versus 3,164,000 at May 29, 2004. The Company also opened one Man Alive prototype store during the quarter, and as of May 28, 2005, Man Alive operated 38 stores totaling 107,000 square feet.

Mr. Cohen stated, “We are pleased to report a 23% increase in net income for the first quarter of Fiscal 2005, which is on top of earnings increases of 59% and 78% for the same quarter the previous two years. We continue to drive significant improvement in our financial performance as gross profit margin improved 30 basis points from Q1 LY while SG&A expense improved 10 basis points versus Q1 LY. 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 Weeks Ended
                                                 -----------------------------
                                                   May 28,           May 29,
                                                    2005              2004
                                                -----------        -----------
                                                                   As Restated

     Net sales                                    $291,267          $257,966
     Cost of sales (including
      occupancy expenses)                          200,593           178,448
                                                -----------        -----------
     Gross profit                                   90,674            79,518

     Selling, general, and
      administrative expenses                       70,826            62,980
                                                -----------        -----------
     Operating income                               19,848            16,538

     Interest income - net                             549               226
                                                -----------        -----------
     Income before income taxes                     20,397            16,764
     Income taxes                                    7,649             6,371
                                                -----------        -----------
     Net income                                    $12,748           $10,393
                                                ===========        ===========
     Diluted weighted average
      shares outstanding                            49,903            49,320
                                                ===========        ===========
     Diluted net income per share                    $0.26             $0.21
                                                ===========        ===========

     Dividends declared per share                   $0.025                --
                                                ===========        ===========

     Number of stores open at end
      of period : Finish Line                          625               550
                  Man Alive                             38                --