Hibbett Sports Inc. (HIBB: Quote) posted higher first-quarter net income of $26.4 million or $0.98 per share, compared with $21.3 million or $0.76 per share last year. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $0.92 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the 13-week period grew 14.4% to $232.91 million from $203.7 million a year ago. Comparable-store sales went up 11.1%. Fifteen analysts estimated revenue of $226.41 million for the quarter.
The company lifted its fiscal 2013 earnings guidance to $2.50 - $2.65 per share and an increase in comparable-store sales in the mid single digit range, while 18 analysts project earnings of $2.55 per share. Earlier, Hibbett Sports sees earnings to be within a range of $2.35 - $2.55 per share, including an expected contribution of $0.07 - $0.09 per share from the 53rd week.
For fiscal 2013, Hibbett Sports expects to open 55 to 60 new stores, expand nearly 15 high performing stores and close up to 18 stores.
by RTT Staff Writer
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