Hibbett Sports Reports Q3 EPS $0.59 vs $0.51 Est; Revenues $185.2M vs $179.95M Est
Hibbett Sports, Inc. (NASDAQ: HIBB), a sporting goods retailer, today announced results for the third quarter ended October 29, 2011.
Financial Highlights
Net sales for the 13-week period ended October 29, 2011 increased 10.6% to $185.2 million compared with $167.4 million for the 13-week period ended October 30, 2010. Comparable store sales increased 7.0%. Net income for the 13-week period ended October 29, 2011 increased 26.8% to $16.0 million compared with $12.6 million for the 13-week period ended October 30, 2010. Earnings per diluted share increased 34.1% to $0.59 compared with $0.44 for the 13-week period ended October 30, 2010.
Net sales for the 39-week period ended October 29, 2011 increased 10.2% to $542.0 million compared with $491.7 million for the 39-week period ended October 30, 2010. Comparable store sales increased 6.6%. Net income for the 39-week period ended October 29, 2011, was $43.2 million compared with $33.9 million for the 39-week period ended October 30, 2010. Earnings per diluted share increased 34.5% to $1.56 compared with $1.16 for the 39-week period ended October 30, 2010.
Jeff Rosenthal, President and Chief Executive Officer, stated, “We are pleased to report the eighth consecutive quarter of comparable store sales increases and a record third quarter operating margin. Strong footwear and apparel sales, improved inventory management, and operational excellence continue to drive our results. We look forward to the holiday season and have increased our full year Fiscal 2012 guidance.”
