Hibbett Sports Inc.’s second-quarter profit surged 33 percent as the sporting-goods retailer saw higher net sales and its 11th straight quarter of same-store sales growth.
For the quarter ended July 28, Hibbett earned a net income of $7.9 million, or 30 cents a share, up from $5.9 million, or 21 cents, a year earlier.
Sales advanced 8 percent to $165.4 million on the back of a same-store sales increase of 4.8 percent.
Gross profit margin improved to 34.2 percent of sales, from 33.1 percent.
Analysts polled by Yahoo Finance were expecting earnings of 28 cents a share on revenue of $169.7 million.
The company raised its fiscal 2013 outlook and now expects to earn between $2.57 and $2.67 a share, compared with May’s forecast of $2.50 to $2.65 a share, and reaffirmed its guidance for same-store sales to increase in the mid-single-digit range.
“Our outlook for fiscal 2013 continues to indicate solid earnings growth driven by positive sales trends and margin improvement,” President and CEO Jeff Rosenthal said in a statement. “Our small market strategy of bringing premium branded products to underserved markets continues to drive results.”
Hibbett’s cash balance stands at $71.5 million and the firm has no debt.