Soaring profits give Hibbett confidence to grow

BIRMINGHAM, Ala. — Hibbett Sports Inc. saw its profit for the quarter ended Jan. 28 jump 27% to $15.8 million, compared with $12.5 million in the year-ago period.

Revenue increased 10% to $190.7 million from $173.2 million, missing Wall Street’s expected $192.2 million in revenue. Same-store sales rose 7.2%.

For the full year, Hibbett reported net income of $59.1 million, up from $46.4 million last year. Revenue rose to $732.6 million, from $665 million.

Jeff Rosenthal, president and CEO, stated, “We are pleased with our continued strong performance, sustained margin expansion and exceptional cost management. Fiscal 2012 was another great year of growth, and we are off to a fast start in the first quarter of fiscal 2013 with an even stronger sales trend. We would like to thank all of our hard working associates for their efforts in helping us deliver these results for our shareholders.”

The sporting goods retailer said it plans to open 55 to 60 new stores in fiscal 2013, to expand 15 high-performing stores and close as many as 18 stores during the year.

Hibbett said it anticipates its earnings for the 53-week period ending Feb. 2, 2013, to be within a range of $2.35 to $2.55 per diluted share (which includes an expected contribution of 7 cents to 9 cents per diluted share from the 53rd week) and comparable-store sales to increase in the low-to-mid single-digit range.