Hibbett Sports, Inc. (HIBB) reported net income of $19 million for the third quarter, higher than last year's $16 million. Earnings per share increased 20.3% to $0.71 from $0.59 in the previous year.
Net sales for the three-month period grew 9.6% to $202.9 million from $185.2 million in the same quarter a year earlier. Comparable store sales increased 6.4%.
Analysts polled by Thomson Reuters expected the company to earn $0.68 per share on revenues of $201.74 million for the quarter. Analysts' estimates typically exclude special items.
Going ahead, the company increased its earnings guidance for fiscal 2013 to a range of $2.66 to $2.71 per share and an increase in comparable store sales in the mid single digit range. Also, for fiscal 2013, the company expects to open 57 to 60 new stores, expand approximately 17 high performing stores, and close up to 18 stores. Analysts expect the company to earn $2.69 per share for the year.
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