Hibbett net income soars in Q1

BIRMINGHAM, Ala. — A few days after Dick's Sporting Goods reported higher-than-expected earnings, Hibbett Sports posted even more impressive sales and income growth. Hibbett Sports reported that net sales for the first quarterincreased 10.4% to $203.7 million compared with $184.5 million for the same period last year. Comparable-store sales increased 6.8%.

Net income for the quarter increased 23.1% to $21.3 million compared with $17.3 million for the same period last year. Earnings per diluted share increased 29.2% to 76 cents compared with 59 cents for the same period last year

Jeff Rosenthal, president and CEO, stated, "This marks our sixth consecutive quarter of comparable-store sales increases and our seventh consecutive quarter of earnings increases. We are pleased with the strong comparable-store sales gains, which were led by activewear and footwear and feel good about the strong start to the second quarter as well as our expectations for fiscal 2012 based on our merchandising strategies, solid inventory position and new store sales productivity.”

For the first quarter, Hibbett opened 8 new stores, expanded 4 high performing stores and closed 7 underperforming stores bringing the store base to 799 in 26 states as of April 30. For fiscal 2012, the company expects to open approximately 50 to 55 new stores, close 10 to 15 stores and expand 15 high performing stores.

The company increased its earnings guidance for fiscal 2012 to a range of $1.80 to $1.95 per diluted share and an increase in comparable-store sales in the low to mid single-digit range.