Mixed bag for Hibbett Sports

Hibbett Sports beat the Street on profit in the first quarter, but missed on sales.



The retailer on Friday reported better-than-expected first-quarter earnings of $27.9 million, compared with $27.4 million in the year-ago period. Revenue for the quarter ended April 30 totaled $282.1 million, up from $269.8 million last year.



Comparable store sales increased 1.1%.



“During the quarter, we showed improved performance in our apparel assortment and believe that our strategy is gaining traction in this area,” said Jeff Rosenthal, president and CEO. “Footwear also posted positive results, driven by strong performance in our lifestyle category. We were also pleased with the increase in gross margin rate, driven by solid management of markdowns and promotions, while reducing inventory levels to be more in line with sales.”



For the quarter, Hibbett opened 17 new stores, expanded one high-performing store and closed eight underperforming stores, bringing its store base to 1,053 in 33 states as of April 30, 2016.



The retailer reaffirmed its prior guidance of full-year earnings in a range of $2.90 to $3.04, with same-store sales growth in the low-single digits.