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Soaring profits give Hibbett confidence to grow
BIRMINGHAM, Ala. — Hibbett Sports Inc. saw its profit for the quarter ended Jan. 28 jump 27% to $15.8 million, compared with $12.5 million in the year-ago period.
Revenue increased 10% to $190.7 million from $173.2 million, missing Wall Street’s expected $192.2 million in revenue. Same-store sales rose 7.2%.
For the full year, Hibbett reported net income of $59.1 million, up from $46.4 million last year. Revenue rose to $732.6 million, from $665 million.
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Sprouts Farmers Market and Sunflowers Farmers to merge
New York -- Sprouts Farmers Market, a Phoenix-based natural-foods supermarket chain, has reached an agreement to merge with competitor, Sunflower Farmers Market, based in Boulder, Col. Terms of the deal were not disclosed.
The combined company will operate 139 stores in eight states under the Sprouts banner, with annual sales of approximately $2 billion. It will open about 12 new stores this year.
“Our operations are very similar," said Sprouts president Doug Sanders, who will lead the combined supermarket company.