Hibbett profit rises 33% in Q2; on track to open 55-60 stores in fiscal 2013
Birmingham, Ala. -- Hibbett Sports reported Friday that net income for the quarter ended July 28 surged 32.9% to $7.9 million from $5.9 million in the comparable-year period.
The retailer reported a net sales increase of 8% to $165.4 million compared with $153.1 million for the same period last year. Same-store sales increased 4.8%.
The company increased its earnings guidance for fiscal 2013 and said it is on track to open 55 to 60 new stores, expand approximately 15 high performing stores and close up to 18 underperforming stores.