Q3 profit for Hibbett jumps 43 percent
Hibbett Sports (Nasdaq: HIBB) said its third-quarter profit jumped 43 percent, as the company experienced another quarter of double-digit growth in comparable-store revenue.
Net income was $12.6 million, or $0.44 per share, in the three months that ended Oct. 30, up from $8.8 million, or $0.30 per share, a year ago.
Revenue rose nearly 15 percent to $167.4 million, up from $145.9 million a year ago. In the third quarter, Hibbett said revenue from stores open at least a year increased 12.5 percent.
The company also said goods sold, distribution center and store occupancy costs climbed 13 percent in the third quarter to $108.4 million.
Looking ahead, Hibbett said it now expects earnings per share to range between $1.63 and $1.66. That's up from the range of $1.45 to $1.55 per share it forecast in August.
Gaiam to pay dividend early, promotes 2 executives
Recent Gaiam (Nasdaq: GAIA) company business included the early payment of its annual dividend, the promotion of two executives and the renewal of its S-3 shelf registration statement.
The company’s board of directors declared the early payment of Gaiam's 2011 annual dividend of $0.15 per common share, so shareholders could take advantage of the tax benefits. The dividend, which will be recorded as a reduction of additional paid-in capital, will be payable on Dec. 30 to shareholders of record on Dec. 15.
It also promoted William Sondheim to president and Steve Thomas as CFO. Sondheim joined Gaiam in 2007 as its president of entertainment and worldwide distribution, managing the company's entertainment and DRTV businesses. Thomas joined Gaiam in 2006, serving recently as the company's controller and chief accounting officer. As a part of his new role he will assume responsibility for investor relations duties previously managed by Carole Buyers.
The company also renewed the shelf registration statement that it filed in November 2007 for 5 million shares of Gaiam's Class A common stock by filing a registration statement on Form S-3 with the SEC. It said it has no current plans for the registered shares, at this time.
Foot Locker swings to profit in Q3
Foot Locker (NYSE: FL) said its third-quarter profit rose on stronger margins.
For the quarter ended Oct. 30, it earned $52 million, or $0.33 per share, versus a loss of $6 million, or $0.04 per share, during the same period year earlier, when the company also had $22 million in impairment charges.
Revenue rose 5 percent to $1.28 billion. Same-store sales also increased 8.1 percent.
Its board also declared a quarterly cash dividend on the company's common stock of $0.15 per share, which will be payable on Jan. 28, 2011, to shareholders of record on Jan. 14, 2011.
Sears’ Q3 loss nearly doubles
Sears Holdings Corp. (Nasdaq: SHLD), which operates Kmart and Sears, Roebuck and Co. stores, said its third-quarter loss nearly doubled.
It reported a loss of $218 million, or $1.98 per share, compared with a loss of $127 million, or $1.09 per share, in the same period last year.
Revenue fell 5 percent to $9.68 billion on sales declines at both Kmart and Sears stores. The company added that decreases were partially offset by increases in sporting goods.
Gross profit margin eroded to 26.4 percent in the third quarter from 27.2 percent in the year-ago period.
Sears plans to open its Sears stores on Thanksgiving Day, the first time ever in the history of the company. Kmart is traditionally open on Thanksgiving Day.
Nike declares quarterly dividend
Nike (NYSE: NKE) said its board of directors has declared a quarterly cash dividend of $0.31 per share on the company’s outstanding Class A and Class B Common Stock. The $0.31 quarterly dividend, which is payable on Dec. 30 to shareholders of record on Dec. 6, represents a 15-percent increase over the previous quarterly rate of $0.27 per share.
--Compiled by Wendy Geister
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