Hibbett Sports Inc.’s third-quarter income surged by more than a third, and the firm raised its full-year guidance.
For the period ended Oct. 29, the Birmingham, Ala.-based retailer earned 59 cents a share, up 34 percent from 44 cents in the same period a year ago. The company blasted past analysts’ estimates for 51 cents, as polled by Yahoo Finance.
Net income was $16 million, up from $12.6 million. Revenue advanced 11 percent to $185.2 million on the back of a comparable-store sales increase of 7 percent.
The firm’s president and CEO, Jeff Rosenthal, said in a statement, “Strong footwear and apparel sales, improved inventory management and operational excellence continue to drive our results.”
Hibbett ended the third quarter with $53 million in cash and cash equivalents, and no debt.
The company raised its earnings guidance for fiscal 2012 to between $2.05 and $2.11 a share, with an expected comp-store sales increase in the mid-single-digit range for the fourth quarter.