First quarter income soars at Hibbett Sports
Hibbett Sports posted a 14.4% increase in sales for the
13-week period ended April 28. Sales for the quarter totalled $232.9 million
compared with $203.7 million for the 13-week period ended April 30, 2011.
Net income increased by 23.5% to $26.4 million compared with $21.3 million for
the same period last year.
Hibbett opened seven new stores during the first quarter and
expanded two high performing stores. It also closed four underperforming
stores, bringing the store total to 835 in 26 states.
Jeff Rosenthal, president and chief executive officer, said: “The fast pace of
sales and momentum we discussed exiting fiscal 2012 continued throughout our
first quarter.
"We experienced across-the-board strength in all categories, which, when combined with continued cost management and margin improvement, provides further confidence in raising our outlook for fiscal 2013."
