Hibbett Sports same-store sales jump 11 percent; officials raise guidance

Hibbett Sports (Nasdaq: HIBB) continued to bask in the sunlight of a warm spring, reporting an 11.1 percent rise in same-store sales for the three months ending April 28, 2012.
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Hibbett Sports (Nasdaq: HIBB) continued to bask in the sunlight of a warm spring, reporting an 11.1 percent rise in same-store sales for the three months ending April 28, 2012.

The Birmingham, Ala.-based outdoor, fitness and sporting goods chain saw its overall sales (including a net of three additional stores and two expansions) increase 14.4 percent to $232.9 million for its fiscal 2013 first quarter, versus a year ago.

Hibbett’s quarterly net income rose nearly 24 percent to $26.4 million, or 98 cents per diluted share, compared to a net income $21.3 million, or 76 cents per diluted share, a year ago.

The positive results led company officials to increase Hibbett’s full-year fiscal 2013 earnings guidance to a range of $2.50 to $2.65 per diluted share and a predicted rise of comparable same-store in the mid single-digit percentage range.

National sporting goods chains such as Hibbett and Dick’s continue to benefit early in 2012 from consumers scooping up more activewear and footwear to take advantage of the warm and fair spring weather. Big 5, however, has lagged with leftover winter inventory.

The split picture likely is replaying itself at the specialty level with some retailers still hurting from high winter inventories, while others have been able to take advantage of strong spring sales.

--David Clucas

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