Hibbett Sports, Inc. (HIBB) reported that its first-quarter net income was $26.2 million compared with $26.4 million in the year ago quarter. Earnings per share for the quarter increased 2.0% to $1.00, from last year's $0.98.
Net sales for the quarter increased 3.0% to $240.0 million compared with $232.9 million last year. Comparable store sales increased 0.8% on a calendar basis , comparable 13-week period. First quarter Fiscal 2013 comparable store sales increased 11.1%.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.07 per share on revenues of $246.41 million for the quarter. Analysts' estimates typically exclude special items.
The company maintained its guidance for the 52 weeks ending February 1, 2014 and expects to report earnings per share in the range of $2.85 to $3.05 as well as an increase in comparable store sales (calendar basis) in the low to mid-single digit range. The company noted that Fiscal 2013 had an approximate $0.07 benefit in earnings per diluted share due to the 53rd week. Analysts polled by Thomson Reuters expected the company to report earnings of $3.03 per share for fiscal 2014.
For Fiscal 2014, the company said it expects to open 70 to 75 new stores, expand approximately 18 high performing stores and close 15 to 20 stores.
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