Hibbett Sports comps flat for Q3

BIRMINGHAM, Ala. Hibbett Sports reported that net sales for the third quarter 2009 increased 4.1% to $145.9 million compared with $140.1 million for the third quarter 2008. Comparable-store sales decreased 0.2%.

Net income for the 13-week period ended Oct. 31, 2009, increased 14.7% to $8.8 million compared with $7.7 million for the 13-week period ended Nov. 1, 2008. Earnings per diluted share increased 14% to 30 cents compared with 26 cents for the 13-week period ended Nov. 1, 2008.

Mickey Newsome, chairman and CEO, stated, "We entered the third quarter with our inventories in excellent shape and saw overall improvement in the quarter due to merchandise selection and tight expense control. We were able to improve margins and liquidity with a solid cash generation on a slight decline in comparable-store sales. While footwear was negative for the quarter and continues to be a challenge, we saw improvement over the second quarter. Apparel, accessories, equipment and cleated footwear all posted positive same store sales in the third quarter, and we expect that trend to continue in the fourth quarter.”