UPDATE: Hibbett Reports Upbeat Q3 Profit, Lifts FY12 Profit Forecast

Hibbett Sports Inc (NASDAQ: HIBB) reported upbeat third-quarter profit and lifted its full-year profit projections.

Hibbett's quarterly net income surged 26.8% to $16.0 million, from $12.6 million, in the year-ago period. Its earnings per diluted share rose to $0.59 from $0.44. Hibbett's net sales climbed 10.6% to $185.2 million, from $167.4 million. However, analysts were expecting earnings of $0.51 per share on sales of $179.9 million.

Hibbett's comparable store sales jumped 7.0% for the period. It opened 16 new stores in the quarter.

Hibbett now projects FY12 earnings of $2.05 to $2.11 per share, up from its earlier view of $1.90 to $2.00 per share.

Hibbett shares gained 2.69% to $44.30 in after-hours trading.