Hibbett Sports (Nasdaq:HIBB) reported higher revenue and profit for the third quarter 2011, boosted by strong apparel and footwear sales.
The Birmingham, Ala.-based sporting goods chain reported third-quarter revenue up 10.6 percent to $185.2 million, compared to $167.4 million during the same period a year ago. Hibbett’s quarterly net income increased to $16 million, or $0.59 per diluted share, versus $12.6 million, or $0.44 per diluted share, a year ago.
Hibbett’s comparable store sales rose 7 percent, the eighth-straight quarterly increase for the company. The positive figures led company officials to increase Hibbett’s full-year 2011 earning projections to a range between $2.05 and $2.11 per diluted share and a comparable store sale percentage increase in the mid-single digit range.
Maurice Sporting Goods to acquire Redl Sports Distributors
Maurice Sporting Goods, based in Northbrook, Ill., announced it plans to acquire fellow outdoor sporting goods wholesaler Redl Sports Distributors in British Columbia, Canada for an undisclosed amount.
The deal, which is expected to close Nov. 30, 2011, will bring together two family owned businesses to distribute fishing, hunting, camping, marine, fitness and athletic products to mass retailers and independent dealers throughout the United States, Canada, and other international markets.
Maurice has three distribution centers in the United States, plus a 150,000-square foot distribution center in Ontario, Canada, while Redl is located entirely in British Columbia, serving customers in Western Canada.
“Over the years, we have developed a great deal of respect for Redl Sports Distributors and its management team and we look forward to supporting their continued growth from their base near Vancouver, British Columbia,” Maurice CEO Jory Katlin said in a statement.
Redl, owned by the McCallum family for more than 40 years, will continue to operate under Brent McCallum’s leadership as a sister company to Maurice.
--Compiled by David Clucas