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Hibbett Shares Rise After Solid Quarter And Street Beat

Hibbett Sports Inc.’s share price jumped after the bell following a strong Q4 that beat Wall Street forecasts. For the quarter that ended Jan. 31, 2015, the Birmingham, Ala.-based sporting-goods company’s net income rose 18.1 percent, to $19.9 million, compared with $16.9 million in the year-ago quarter.

Earnings per diluted share increased 23 percent, to 79 cents a diluted share, compared with 64 cents per diluted share in the previous year. Analysts polled by Yahoo Finance forecast EPS of 68 cents.

Hibbett also exceeded expectations for net sales, posting net revenue of $239 million, compared with $218 million in the year-ago quarter. Analysts had predicted net sales of around $235 million.

CEO Jeff Rosenthal said in a statement this morning: “We are very pleased with our performance in the fourth quarter. We experienced strong comps during the holiday period on top of solid comps last year, and our product assortment resonated well with customers.”

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Rosenthal further noted that comparable-store sales were especially strong due to better weather and earlier tax refunds in January.

Looking ahead, Hibbett said it plans to open 80 to 85 new stores in FY 2016 and anticipates earnings per diluted share in the range of $2.95 to $3.09.

For the year, the company reported net income of $74 million, or $2.87 per share — a slight increase above the prior year’s $71 million. Revenue for the year rose 7 percent, to $913.5 million.

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