Hibbett Sports Inc. handily topped estimates Friday with its fourth-quarter results.
The sporting goods retailer’s shares traded 5 percent higher as it reported net income of $19.4 million, or 73 cents a share, a 22.3 percent increase from $15.8 million, or 59 cents, the same period a year ago.
Revenue for the period ended Feb. 2 advanced 14 percent to $217.4 million, from $190.7 million, buoyed by a comparable-store sales increase of 4.9 percent.
For the full year, the Birmingham, Ala.-based firm’s net income rose 22.9 percent to $72.6 million, from $59.1 million. Revenue came in at $818.7 million, an 11.8 percent increase from $732.6 million in 2011.
“The holiday season was strong due to solid performance in footwear, apparel and accessories,” Jeff Rosenthal, president and CEO of Hibbett, said in a statement. “Looking forward … we are well positioned to continue our growth and are very excited about the investments being made in the business to ensure our future success.”
As of year’s end, Hibbett had grown its cash balance to $76.9 million and held no bank debt.