Hibbett Sports, Inc. (Nasdaq: HIBB), reported higher revenue and profit for its fiscal fourth quarter 2011, and record earnings for the year.
Net sales for the Birmingham, Ala.-based sporting goods retailer rose 3.8 percent to $173.2 million during the 13-week period ended Jan. 29, 2011, compared to $166.8 million for the same period a year ago. Comparable store sales increased 1.2 percent.
Net income for Hibbett Sports’ fiscal fourth quarter 2011 rose 6 percent to $12.5 million, or $0.44 per diluted share, compared to $11.8 million, or $0.40 per diluted share, during the same period a year ago.
For its full fiscal year 2011, the company saw net sales rise 12 percent to $665 million from fiscal 2010, and its comparable stores sales increased 9.8 percent. Yearly net income at Hibbett Sports rose 42.6 percent to $46.4 million, or $1.60 per diluted share, compared with $32.5 million, or $1.12 per diluted share, a year ago.
Hibbett Sports President and CEO Jeff Rosenthal said in a statement the fiscal 2011 earnings were a record high for the company. Hibbett ended fiscal 2011 with a 50 percent increase in cash and cash equivalents reserves of $75.5 million, no bank debt and full availability of $80.0 million in unsecured credit facilities.
For its fiscal year, Hibbett opened 45 new stores, closed 14 stores and expanded 14 high performing stores bringing the store base to 798 in 26 states. For fiscal 2012, the company plans to open 50 to 55 new stores, close 10 to 15 stores, and expand about 15 stores.
Looking ahead, company officials issued bullish guidance of $1.70 to $1.90 per diluted share for its fiscal 2012.
--Compiled by David Clucas
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