Strength in footwear and apparel helped lift profits by 16 percent at Hibbett Sports Inc. during the first quarter.
On Thursday, the Birmingham, Ala.-based chain reported a net income of $10.9 million, or 38 cents a diluted share, for the first quarter ended May 3. During the year-ago period, Hibbett’s net income was $9.4 million, or 32 cents.
The company’s first-quarter revenues totaled $157.7 million, up 8 percent from $145.8 million during the first quarter of 2008. Same-store sales for the quarter increased by 2.4 percent.
“While there is uncertainty in the marketplace, we have done a good job of effectively managing our business,” Hibbett Chairman and CEO Mickey Newsome said in a statement. “Our inventory per store is down and our cash position has significantly improved.”
For the full fiscal year, the company maintained its previous earnings per share guidance of $1.03 to $1.17, while it expects same-store sales to grow in the low single digits. However, due to an absence of stimulus checks in the second quarter and a move of many states’ sales-tax holidays into the third quarter, Hibbett expects its near-term results to be challenged.