×

Improved Margin Buoys Hibbett Q3

Hibbett Sports Inc.’s third-quarter income surged 20 percent on higher revenue and improved gross margins.
For the period ended Oct. 27, net income at the Birmingham, Ala.-based sporting goods retailer was $19 million, or 71 cents a share, compared with $16 million, or 59 cents, in the same period a week ago.

Revenue increased 9.6 percent to $202.9 million. Comparable-store sales increased 6.4 percent.

The leverage of store occupancy costs led to a 60 basis point improvement in both gross profit margin and expenses.

Hibbett increased its earnings guidance for fiscal 2013. EPS is now expected to come in $2.66 and $2.71. Comparable-store sales are expected to rise in the mid-single digits.

The firm ended the quarter with $75.3 million in cash and cash equivalents, and no debt.

ECCO Sponsored By ECCO

News for the Sporty (and Not So Sporty)

ECCO is shifting toward athleisure with the launch of its ECCO Athletic Leisure Club division and accompanying fall footwear styles.
Learn More

Access exclusive content