Hibbett Sports Inc. said net sales for the 13-week period ended Nov. 1, 2008, increased 8.1% to $140.1 million compared with $129.6 million for the 13-week period ended Nov. 3, 2007. Comparable store sales increased 0.4%. Net income for the third quarter of fiscal 2009 was $7.7 million compared with $7.8 million for the prior-year period.
“In a retail environment filled with economic challenges, we are pleased with our results for the third quarter,” said Mickey Newsome, chairman and CEO. “The benefit of our investments in management information systems was evident in driving positive comparable store sales and effectively managing our inventories despite an estimated 50 basis point impact to comparable store sales from the hurricanes in our markets. We are confident our company will continue to improve as a result of our recently implemented and planned future investments in systems and believe the company is positioned to weather the uncertainty facing retailers this holiday season.”
For the quarter, Hibbett opened 22 new stores and closed 8 stores, bringing the store base to 726. The company also opened its first store in Wisconsin in the third quarter giving Hibbett a presence in 24 states. For fiscal 2009, the company plans to open 75 to 79 new stores and close 12 stores.
HIBB raised its earnings outlook for the fiscal year ended Jan. 31, 2009 with a range of 97 cents to $1.04 per diluted share for earnings, based on comparable store sales ranging from flat to up 2% for the fourth quarter of fiscal 2009.
