Despite chill, Hibbett Q1 net sales increase
BIRMINGHAM, Ala. — Cold weather affected Hibbett Sports' first quarter results for the period ended May 4, but the sporting goods retailer still saw net sales of $240 million, a 3% increase from $233 million for the 13-week period ended April 28, 2012.
Comparable store sales increased 0.8% for the quarter.
For the quarter, Hibbett opened nine new stores, expanded five high performing stores and closed three underperforming stores, bringing the store base to 879 in 29 states.
“The colder weather clearly affected the performance of some key spring assortments, especially against last year’s strong sales performance," said president and CEO Jeff Rosenthal. "Looking forward, we are well positioned for the summer and back-to-school sales periods given our improved aged inventory position, product assortments and excellent customer service. This, coupled with accelerated store growth, gives us confidence in maintaining our full-year guidance as well as increasing our new store opening goal.”
The company expects to open 70 to 75 new stores, expand approximately 18 high performing stores and close 15 to 20 stores for fiscal 2014.
Hibbett Sports operates sporting goods stores in small to mid-sized markets, predominately in the South, Southwest, Mid-Atlantic and Midwest regions of the United States. The company’s p