Hibbett Sports quarterly sales up 9.6%

BIRMINGHAM, Ala. Hibbett Sports net sales for the 13-week period ended Jan. 30 increased 12.8% to $166.8 million compared with $147.9 million for the 13-week period ended Jan. 31, 2009. Comparable-store sales increased 9.6%. Net income for the 13-week period ended Jan. 30 increased 54.0% to $11.8 million compared with $7.6 million for the 13-week period ended Jan. 31, 2009. Earnings per diluted share increased 52.1% to 40 cents compared with 26 cents for the 13-week period ended Jan. 31, 2009.

Net sales for the 52-week fiscal year ended January 30, 2010, increased 5.2% to $593.5 million compared with $564.2 million for the 52-week period ended January 31, 2009. Comparable store sales increased 0.7%. Net income in Fiscal 2010 increased 10.5% to $32.5 million compared with $29.4 million in Fiscal 2009. Earnings per diluted share increased 10% to $1.12 compared with $1.02 for the 52-week period ended Jan. 31, 2009.

Mickey Newsome, executive chairman, stated, "We are pleased with the strong comparable stores’ sales performance delivered by all merchandise categories during the quarter. Approximately one-third of this increase can be attributed to a strong demand for licensed products due to both the University of Alabama and the New Orleans Saints successful football seasons and resulting championships. We are encouraged that the positive sales trend has accelerated into the first quarter of Fiscal 2011.”

The company issued its earnings guidance for Fiscal 2011 with a range of $1.12 to $1.30 per diluted share and an increase in comparable-store sales of 1% to 4%.