Hibett Sports 3Q comps up 12.5%, co. raises outlook
BIRMINGHAM, Ala. Hibbett Sports reported that net sales for the third quarter increased 14.8% to $167.4 million compared with $145.9 million for the 13-week period ended October 31, 2009. Comparable-store sales increased 12.5%. Net income for the third quarter increased 43.5% to $12.6 million compared with $8.8 million for the third quarter of fiscal 2010. Earnings per diluted share increased 45% to 44 cents compared with 30 cents for the third quarter of fiscal 2010.
Jeff Rosenthal, president and CEO, stated, “We are very excited about our performance over the last three quarters. Not only has Hibbett achieved three consecutive quarters of double digit comparable store sales growth, we have also experienced continued margin improvement. As a result, we are raising our earnings guidance for fiscal 2011. In addition, we are accelerating our store opening plans for this year.”
The company increased its earnings guidance for fiscal 2011 to a range of $1.63 to $1.66 per diluted share, which equates to 47 cents to 50 cents per diluted share for the fourth quarter, and a mid-single-digit increase in comparable-store sales for the fourth quarter.