UPDATE: Hibbett Posts Upbeat Q4 Profit

Hibbett Sports Inc

reported a better-than-expected fourth-quarter profit. Hibbett's quarterly net income climbed to $15.8 million, or $0.59 per share, from $12.5 million, or $0.44 per share, in the year-ago period. Its revenue surged 10% to $190.7 million. However, analysts were expecting earnings of $0.56 per share on revenue of $192.5 million. Hibbett's gross margins climbed to 35.7% from 34.9% last year. Hibbett projects 2012 earnings of $2.35 to $2.55 per share, versus analysts' estimates of $2.47 per share. Hibbett shares closed at $51.64 yesterday.