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.”
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As of year’s end, Hibbett had grown its cash balance to $76.9 million and held no bank debt.