Hibbett Sports’ Profit Increases 24%; Opening 55 to 60 Stores
Hibbett Sports said Friday that its fiscal first-quarter net income increased 24 percent on higher demand for sneakers and other athletic gear. The retailer also raised its profit outlook for the year. For the three months through April 28, Hibbett earned a better-than-expected $26.4 million, up from $21.3 million in the same quarter last year. Revenue increased 14 percent to $232.9 million from $203.7 million. Because of expectations for better sales and controlled costs, the retailer also lifted its profit outlook for the year to $2.50 to $2.65 per share from a previous prediction of $2.35 to $2.55 per share.