Hibbett Sports Q4 income up 22%; to open 65 to 70 stores
Birmingham, Ala. -- Hibbett Sports reported that net income for its fiscal fourth quarter increased a better-than-expected 22.3% to $19.4 million, compared with $15.8 million for the same period last year.
Net sales for the fourth quarter increased 14% to $217.4 million from $190.7 million in the year ago period. Same-store sales increased 4.9%.
Looking ahead, in its current fiscal year, the company expects to open 65 to 70 new stores, expand approximately 18 high-performing stores and close 15 to 20 stores.
Net sales for fiscal 2013 increased 11.8% to $818.7 million, compared with $732.6 million for fiscal 2012. Same-store sales increased 6.9% on a 52-week to 52-week period.
Net income for the year increased 22.9% to $72.6 million, compared with $59.1 million for the same period last year.