Hibbett posts 9.6% 2Q sales increase

BIRMINGHAM, Ala. Hibbett Sports Inc. Thursday announced that net sales for the 13-week period ended Aug. 4, increased 9.6% to $114.4 million compared with $104.4 million for the 13-week period ended July 29, 2006. Comparable-store sales increased 2.6% on a fiscal basis. Net income for the second fiscal quarter was $4.7 million compared with $4 million in the prior-year period. Earnings per diluted share was 15 cents compared with 12 cents in the prior year.

Net sales for the 26-week period ended Aug. 4 increased 7.3% to $248.2 million compared with $231.3 million for the 26-week period ended July 29, 2006. Comparable-store sales for this period decreased 0.2% on a fiscal basis. Net income for this period was $14.9 million compared with $15.5 million in the same period of fiscal 2006. Earnings per diluted share were 47 cents compared with 47 cents in the prior year.

For the third fiscal quarter ending Nov. 3, the company expects to report earnings per diluted share of 20 cents to 25 cents with slightly positive comparable-store sales on a calendar basis and mid-single-digit negative comparable-store sales on a fiscal basis. For fiscal 2008, the company expects to report earnings of $1.07 to $1.20 per diluted share and a slightly positive comparable-store sales increase on both a calendar and fiscal basis.