Sporting goods retailer Hibbett Sports, Inc. (HIBB) reported Friday a profit for the second quarter that increased 33 percent from last year, driven by improved margins and sales growth.
Earnings per share for the quarter topped analysts' expectations, while quarterly revenues missed their estimates, which saw the company's shares lose nearly 4 percent in early dealings. The company also raised its earnings guidance for the full-year 2013.
"Our small market strategy of bringing premium branded products to underserved markets continues to drive results," President and CEO Jeff Rosenthal said in a statement.
The Birmingham, Alabama-based company reported net income of $7.90 million or $0.30 per share for the second quarter, higher than $5.94 million or $0.21 per share in the prior-year quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter increased 8 percent to $165.45 million from $153.13 million in the same quarter last year, but missed fourteen Wall Street analysts' consensus estimate of $169.66 million by a whisker.
Comparable store sales increase 4.8 percent, the company's eleventh consecutive quarter of growth.
During the second quarter, Hibbett opened 7 new stores, closed 5 underperforming stores and expanded 3 high performing stores. This brings the company's total store base to 837 in 26 states at the end of the quarter.
"Our outlook for Fiscal 2013 continues to indicate solid earnings growth driven by positive sales trends and margin improvement. Based on our strong first half results, we are raising full year earnings estimates," Rosenthal added.
Looking ahead to fiscal 2013, the retailer raised its earnings guidance to a range of $2.57 to $2.67 per share from the prior forecast in the range of $2.50 to $2.65 per share. Street is looking for full-year 2013 earnings of $2.66 per share.
However, the company continues to projects full-year 2013 comparable store sales to increase in the mid-single digit range for the full-year 2013, and expects to open 55 to 60 new stores, expand about 15 high performing stores and close up to 18 underperforming stores in 2013.
HIBB closed Thursday's regular trading session at $61.80, up $0.99 on a volume of 0.23 million shares.
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