Hibbett Sports Inc. (Nasdaq: HIBB) posted higher revenue and profit for its fiscal first quarter 2012, led by good sales in activewear and footwear.
The Birmingham, Ala.-based sports, fitness and outdoor retailer reported fiscal first-quarter revenue up 10.4 percent to $203.7 million for the 13 weeks ended April 30, 2011, compared to 184.5 million during the same period a year ago. Comparable store sales increased 6.8 percent.
Hibbett’s quarterly income rose 23.1 percent to $21.3 million, compared with $17.3 million for the same period a year ago.
During the quarter, Hibbett opened eight new stores, expanded four high-performing stores and closed seven underperforming stores bringing the store base to 799 in 26 states as of April 30, 2011. For its fiscal 2012, the company expects to open approximately 50 to 55 new stores, close 10 to 15 stores and expand 15 high performing stores.
Looking ahead, Hibbett increased its earnings guidance for its fiscal 2012 to a range of $1.80 to $1.95 per diluted share. The company also increased its comparable store sales projections to the low to mid single digit range.
--Compiled by David Clucas
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