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By
Reuters
Published
May 21, 2009
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Hibbett Sports Q1 profit meets Street, backs FY10 view

By
Reuters
Published
May 21, 2009

May 21 (Reuters) - Sporting goods retailer Hibbett Sports Inc (HIBB.O) posted a 16 percent rise in quarterly profit, which was in line with market estimates, on positive apparel and footwear sales, and reaffirmed its outlook for the current financial year.



However, the company said its second-quarter results would be hit by the absence of stimulus checks and transition of sales tax holidays into the third quarter.

For the quarter ended May 2, the company earned $10.9 million, or 38 cents a share, compared with $9.4 million, or 32 cents a share, a year earlier.

Net sales rose 8 percent to $157.7 million.

"Our inventory per store is down and our cash position has significantly improved," Chief Executive Mickey Newsome said in a statement.

Analysts on average expected a profit of 38 cents a share, before items, on revenue of $161.1 million, according to Reuters Estimates.

Hibbett, which operates sporting goods stores in small-to-mid-sized markets, stood by its earnings view of $1.03 to $1.17 a share for the year ending Jan. 30, 2010.

Analysts on average were looking for a profit of $1.13 a share, before items.

The company, which plans to open 65 to 70 new stores and close 20 to 25 stores in fiscal 2010, said it still expects same-store sales in the low single-digits for the year.

Shares of Birmingham, Alabama-based Hibbett closed at $17.83 Thursday 21 May on Nasdaq.

For related alerts, double click (Reporting by Renju Jose in Bangalore; Editing by Himani Sarkar)

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