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Hibbett Sports an attractive Q1, raises outlook

BIRMINGHAM, Ala. — Hibbett Sports raised its full year guidance after posting hefty sales and earnings growth for its first quarter. Sales for the first quarter ended April 28, increased 14.4% to $232.9 million compared with $203.7 million for the 13-week period ended April 30, 2011. Comparable-store sales increased 11.1%. Net income for the quarter increased 23.5% to $26.4 million compared with $21.3 million for the same period last year. Earnings per diluted share increased 29% to 98 cents compared with 76 cents for the same period last year.

Jeff Rosenthal, president and CEO, stated, “The fast pace of sales and momentum we discussed exiting fiscal 2012 continued throughout our first quarter. We experienced across-the-board strength in all categories, which, when combined with continued cost management and margin improvement, provides further confidence in raising our outlook for Fiscal 2013. We are proud of the commitment toward excellence that our Hibbett associates demonstrate.”

For the quarter, Hibbett opened seven new stores, expanded two high performing stores and closed four underperforming stores, bringing the store base to 835 in 26 states as of April 28.

The company increased its earnings guidance for fiscal 2013 to a range of $2.50 to $2.65 per diluted share (which includes an expected contribution of 7 cents to 9 cents per diluted share from the 53rd week) and an increase in comparable-store sales in the mid single digit range. For fiscal 2013, the company expects to open 55 to 60 new stores, expand approximately 15 high performing stores and close up to 18 stores.

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