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Hibbett Sports net income drops in Q4, sales climb
Birmingham, Ala. – Net income and sales declined at Hibbett Sports Inc. during the fourth quarter of fiscal 2013. Net income dropped 13% from $19.6 million in the fourth quarter of the prior fiscal year to $16.4 million, while net sales inched upward 0.2% to $217.8 million from $217.4 million.
Same-store sales rose 1.7% during the quarter. Hibbett Sports cited slowing sales in January due to inclement weather and a less favorable sales impact from the national college football championship game as impacting net income.
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Hibbett Sports bounces back in February
Hibbett Sports experienced a significant slowdown in January due to significant weather-related store closures and a less favorable sales impact this year from the college football championship game. However, sales trends improved in February as weather patterns normalized and the retailer rolled out its spring assortment. Net sales for the 13-week period ended Feb. 1 increased 0.2% to $217.8 million compared with $217.4 million for the 14-week period ended Feb. 2, 2013. Comparable store sales increased 1.7% on a comparable 13-week period.