Hibbett Sports 1Q driven by strong sales

BIRMINGHAM, Ala. Hibbett Sports announced that first quarter net sales increased 9% to $145.8 million compared with $133.8 million for the same period last year. Comparable-store sales increased 0.1%. Net income for the quarter was $9.4 million compared with $10.2 million for the same period last year. Earnings per diluted share was 32 cents per diluted share for the 13-week periods ended May 3 and May 5, 2007.

Mickey Newsome, chairman and ceo, stated, "Strong sales in April led to a slight increase in comparable-store sales for the quarter. Footwear and apparel were both positive, driven by solid performances in all youth categories. Although we remain cautious given the current economic climate, we are pleased to report that the second quarter is currently experiencing mid single digit comp-store sales gains."

The company is reaffirming its earnings outlook for the fiscal year ended Jan. 31, 2009 at 88 cents to $1.00 per diluted share, based on comparable store sales ranging between 0% to negative 3%.