Hibbett Sports, Inc. reported sales increased 9% in the first quarter, to $145.8 million f rom $133.8 million. Comparable store sales increased 0.1%. Net income slid 7.8% to $9.4 million, or 32 cents a share, from $10.2 million, or 32 cents, a year ago.
Mickey Newsome, chairman and CEO, said in a statement, “Strong sales in April led to a slight increase in comparable store sales for the quarter. Footwear and apparel were both positive, driven by solid performances in all youth categories. Although we remain cautious given the current economic climate, we are pleased to report that the second quarter is currently experiencing mid single digit comp store sales gains.”
For the quarter, Hibbett opened 14 new stores and closed 3 stores, bringing the store base to 699 in 23 states as of May 3, 2008. The Company plans to open 80 to 90 stores and possibly close 8 to 12 stores in fiscal 2009.
The company is reaffirming its earnings outlook for the fiscal year ended January 31, 2009 at $0.88 to $1.00 per diluted share, based on comparable store sales ranging between 0% to negative 3%.
