Hibbett Sports beats Street in Q4; will open 80-85 stores

Birmingham, Ala. – Hibbett Sports Inc. beat Wall Street expectations with competitive net income and sales growth during the fourth quarter of fiscal 2014. Net income shot up 18% to $19.9 million, compared with $16.9 million in the year-ago period.



During fiscal 2015, Hibbett anticipates approximately 80 to 85 new stores, 10 to 15 expansions and 15 to 20 closures. Higher gross profit and growth in cost of sales that did not keep pace with actual sales growth helped boost net income.



Net sales increased 10% to $239.3 million compared with $217.8 million Same-store sales increased 5.4%.



“We are very pleased with our performance in the fourth quarter,” said Jeff Rosenthal, president and CEO. “We experienced strong comps during the holiday period on top of solid comps last year, and our product assortment resonated well with customers.”



During fiscal 2014, net income increased 4% to $73.6 million from $70.9 million the previous fiscal year. Net sales grew 7% to $913.5 million compared with $852 million. Same-store sales increased 2.9%.