Hibbett Sports shapes up strong same-store sales
BIRMINGHAM, Ala. — Hibbett Sports reported that net sales for the second quarter ended July 30 increased 9.5% to $153.1 million compared with $139.8 million for the second quarter ended July 31, 2010. Comparable-store sales increased 5.9%.
Net income for the quarter increased 48% to $5.9 million compared with $4 million for the same period last year. Earnings per diluted share increased 56.4% to 21 cents compared with 14 cents for the same period last year.
Jeff Rosenthal, president and CEO, stated, “Our performance in second quarter is our seventh consecutive quarter of comparable-store sales increases and our eighth consecutive quarter of earnings increases. The true nature of our success is our great employees and their dedication to providing exceptional service to our customers. We continue to see strength in our active wear and footwear businesses. We are well positioned entering the back-to-school season and have experienced continued positive sales trends to date in the third quarter.”
For the second quarter, Hibbett opened eight new stores, expanded five high performing stores and closed five underperforming stores, bringing the store base to 802 in 26 states as of July 30, 2011. In Fiscal 2012, the company expects to open approximately 50 to 55 new stores, expand 15 high performing stores and close 10 to 15 stores.
The company increased its earnings guidance for fiscal 2012 to a range of $1.90 to $2.00 per diluted share with a comparable store sales increase in the mid-single digit range.