Hibbett reports strong quarter, raises FY guidance

BIRMINGHAM, Ala. Hibbett Sports reported that net sales for the 13-week period ended July 31, increased 13.6% to $139.8 million compared with $123.1 million for the 13-week period ended Aug. 1, 2009. Comparable-store sales increased 11.9%, making it the second straight quarter the company has produced double-digit comparable-store sales growth. Net income for the second quarter of fiscal 2011 increased 261.9% to $4million compared with $1.1 million for the second quarter of fiscal 2010. Earnings per diluted share increased 257% to 14 cents compared with 4 cents for the second quarter of fiscal 2010.

Net sales for the 26-week period ended July 31, 2010, increased 15.5% to $324.3 million compared with $280.8 million for the 26-week period ended Aug. 1, 2009. Comparable-store sales increased 13.4%. Net income for the 26-week period ended July 31, was $21.4 million compared with $12 million for the 26-week period ended Aug. 1, 2009. Earnings per diluted share increased 75% to 73 cents compared with 41 cents for the 26-week period ended Aug. 1, 2009.

Jeff Rosenthal, president and CEO, stated, “This was a tremendous first half of the year for Hibbett with earnings already equaling what we achieved in the first three quarters last year. Based on our strong second quarter and year-to-date performance, coupled with continuing strong comparable store sales trends into the third quarter, we are raising our expectation for fiscal 2011.”

The company increased its earnings guidance for fiscal 2011 to a range of $1.45 to $1.55 per diluted share based on a mid- to high-single-digit increase in comparable-store sales in the second half of the year.