Hibbett Sports Inc. (HIBB), a sporting goods retailer, reported that its fourth-quarter net income increased 22.3% to $19.4 million from $15.8 million in the year ago quarter. Earnings per share increased 23.7% to $0.73 compared with $0.59 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items. The 14th week added approximately $0.07 in earnings per share to its quarterly results.
Net sales for the quarter increased 14.0% to $217.4 million compared with $190.7 million last year. Fourtheen analysts had consensus revenue estimate of $216.90 million for the quarter. Comparable store sales increased 4.9% on a 13-week to 13-week period.
Jeff Rosenthal, President and Chief Executive Officer, said, "The holiday season was strong due to solid performance in footwear, apparel, and accessories. Fiscal 2013 results were accomplished by excellent assortments, great customer service, and outstanding support from our distribution team and supplier partners. Looking forward into Fiscal 2014, we are well positioned to continue our growth and are very excited about the investments being made in the business to ensure our future success."
For Fiscal 2014, the company expects to report earnings per share in the range of $2.85 to $3.05 and an increase in comparable store sales in the low to mid-single digit range. Analysts expect the company to report earnings of $3.02 per share fiscal 2014.
For Fiscal 2014, the Company expects to open 65 to 70 new stores, expand approximately 18 high performing stores and close 15 to 20 stores.
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