Hibbett’s Q1 income up nearly 60 percent
Hibbett Sports (Nasdaq; HIBB) said its fiscal first-quarter net income grew nearly 60 percent, driven by double-digit increases in footwear and apparel.
For the quarter ended May 1, the company earned $17.3 million, or $0.59 per share, compared with $10.9 million, or $0.38 per share, in the same quarter of last year.
Revenue grew 17 percent to $184.5 million, compared to $157.7 million last year.
Comparable store sales increased 14.5 percent.
“The strong sales trend we experienced in the fourth quarter of last year continued throughout the first quarter of this year and into the second quarter,” said Jeff Rosenthal, president and CEO, in a statement. “The broad-based improvement and exceptional operating margin give us confidence in our optimistic outlook for the remainder of the year.”
Hibbett raised its guidance, saying it now predicts income of $1.35 to $1.50 per share for the full fiscal year, up from its previous guidance of $1.12 to $1.30 per share.
In the first quarter, Hibbett opened two new stores and closed two stores, leaving the store base at 767. For fiscal 2011, the company expects to open 30 new stores and expand 20 high-performing locations. It will also close 10 to 15 underperforming stores.
--Compiled by Wendy Geister
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