UPDATE: Hibbett Reports Upbeat Q1 Results, Lifts 2012 Profit Forecast

Hibbett Sports Inc

reported better-than-expected first-quarter results and lifted its full-year profit view. Hibbett raised its 2012 earnings forecast to $2.50 to $2.65 per share, versus $2.35 to $2.55 per share. Hibbett's quarterly net income climbed to $26.4 million, or $0.98 per share, versus $21.3 million, or $0.76 per share, in the year-earlier period. Hibbett's revenue surged 14% to $232.9 million. However, analysts were expecting earnings of $0.92 per share on revenue of $226.4 million. Its comparable sales jumped 11%. Hibbett shares closed at $55.81 yesterday.