Hibbett Sports skips past winter, same-store sales up 7 percent
With a focus on athletic activewear and footwear, Hibbett Sports benefited from the mild winter with a 7 percent rise in same-store sales this past quarter, besting its peers.
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Hibbett Sports reported its latest quarterly same-store sales up 7.2 percent, lifting the sporting goods retailer past its peers this warm winter.
The Birmingham, Ala.-based chain with 832 stores benefited from the mild winter with its product focus on athletic activewear and footwear rather than outerwear and cold-weather related inventory, which dragged some of its fellow sporting goods retailers such as Big 5 and Sports Chalet, which reported same-store sales declines this winter, and Dick’s Sporting Goods, which reported same-store sales relatively unchanged.
Including its new stores, Hibbett’s revenue rose 10.1 percent to $190.7 million for its fiscal fourth quarter, ended Jan. 28, 2012. Strong margins boosted the retailer’s net income to $15.8 million, or 59 cents per diluted share, versus a net income of $12.5 million, or 44 cents per diluted share a year ago.
Hibbett officials said the new year was “off to a fast start with an even stronger sales trend” arising for the first quarter.
For the full year, Hibbett officials predicted 2012 (which is the company’s fiscal 2013 year) same-store sales to rise in the low- to mid-single-digit percentage range after rising 6.8 percent this past year.