Hibbett Sports Q1 profit up 16%

Birmingham, Ala. Sporting-goods retailer Hibbett Sports said profit rose to $10.9 million in its first quarter, up 16% compared with $9.4 million last year.

Sales rose 8% to $157.7 million from $145.8 million, as same-store sales rose 2.4%.

The company said apparel and shoes sold well, but equipment fared poorly. The company also lowered inventory and improved cash flow.