Hibbett plans 70 new stores

Birmingham, Ala. Hibbett Sports plans to open up to 70 new stores in fiscal year 2010, according to Securities and Exchange Commission filings.

The sporting-goods company’s expansion plans represent a decline over its opening rates in recent years.

Hibbett said Tuesday it plans to close between 20 and 25 stores while expanding 20 stores that it feels “have significant additional sales potential.”

In fiscal year 2009, Hibbett opened 69 stores while closing 12.

Hibbett said the current economic environment and “particularly in the commercial real estate market” make expansion more difficult. The company operates 745 stores in 24 states between West Virginia and Arizona.

Hibbett reported $29.4 million in net income for the year ending Jan. 31, compared with net income of $30.3 million in 2008. It attributed the net-income decline to “deteriorating global economic conditions.”

Net sales for 2009 improved to $564.2 million, up from $520.7 million in 2008.