Hibbett Sports Inc. registered a 250 percent jump in earnings per share in the second quarter, but missed analysts’ expectations.
Net income for the three months ended July 31 was $4 million, or 14 cents a share, up from $1.1 million, or 4 cents, in the same period last year. Analysts polled on Yahoo Finance had predicted EPS of 16 cents.
The Birmingham, Ala.-based retailer also saw a jump in revenue, as net sales rose 14 percent to $139.8 million from $123.1 million a year ago. Comp-store sales increased for the second quarter in a row, up 11.9 percent.
“This was a tremendous first half of the year for Hibbett, with earnings already equaling what we achieved in the first three quarters last year,” said Jeff Rosenthal, president and CEO, said in a statement. “Based on our strong second quarter and year-to-date performance, coupled with continuing strong comparable-store sales trends into the third quarter, we are raising our expectation for fiscal 2011.”
The company increased its EPS guidance for the year to between $1.45 and $1.55.