First-quarter profit at Hibbett Sports Inc. jumped, thanks to broad-based sales strength across all categories.
For the period ended April 28, the Birmingham, Ala.-based sporting goods retailer’s net income rose 23.5 percent to $26.4 million, from $21.3 million. Earnings per share increased 29 percent to 98 cents, from 76 cents.
Net sales advanced 14.4 percent to $232.9 million, on the back of a comparable store sales increase of 11.1 percent.
Hibbett beat the Street, which was looking for 92 cents on revenue of $226.4 million.
Jeff Rosenthal, President and CEO, said in a statement, “The fast pace of sales and momentum we discussed exiting [the last fiscal year] 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 [full-year] outlook.”
The firm increased its guidance for full-year earnings to come in between $2.50 and $2.65 a share, accompanied by an increase in comparable store sales in the mid single digit range.
Hibbett ended the quarter with $95.8 million of available cash and cash equivalents on the consolidated balance sheet and no bank debt outstanding.