Sterne Agee Maintains Buy Rating On Hibbett Sports

According to Sterne Agee, Hibbett Sports

Buy rating is maintained. Sterne Agee said that it is estimating EPS of $0.69 versus $0.59 LY and FC of $0.67. “We are modeling a 1Q12 SSS increase of 5% (vs. 14.5% LY), with GM of 36% (+17 bps y/y) and revenue of $195.6M, (6% y/y). SSS through March 10 were up 8% (vs. 17% in March LY) and we expect this trend accelerated through the quarter with the Easter shift and more seasonable weather contributing to sales. While other retailers were hurt by inclement weather in the quarter, HIBB likely benefitted from warmer weather as the majority of their store base is in the Southern climates. Strong product trends of lightweight and performance running and apparel will likely be the drivers of the quarter. Importantly, management believes they have exited the shadow of the Saints victory last year.” Hibbett Sports closed Friday at $38.38.