News Flash

Sporting goods retailer Hibbett Q1 earnings gain 5.5%

25 May '07

3 min read

Hibbett Sports Inc a sporting goods retailer announced results for the first quarter ended May 5, 2007.

Net sales for the 13-week period ended May 5, 2007 increased 5.5% to $133.8 million compared with $126.9 million for the 13-week period ended April 29, 2006.

Comparable store sales increased 0.7% on a comparable store, comparable week basis. Net income for the first quarter was $10.2 million compared with $11.5 million in the prior-year period. Earnings per diluted share was $0.32 compared with $0.35 in the prior year.

Each quarter of fiscal 2008 starts one week later than the same quarter of fiscal 2007, due to the Company's 2007 fiscal year having 53 weeks versus the normal 52 weeks. This timing shift can have a significant impact on quarterly sales comparisons.

The measurement of sales in comparable stores for comparable weeks above is based on sales during the thirteen weeks ended May 5, 2007 in relation to the thirteen weeks ended May 6, 2006. On a fiscal quarter basis, comparing the thirteen weeks ended May 5, 2007 with the thirteen weeks ended April 29, 2006, comparable store sales decreased 2.6%.

Hibbett opened 9 new stores and closed 2 stores during the first quarter, bringing the store base to 620 in 23 states as of May 5, 2007.

The Company plans to open 15 to 18 stores and close 2 to 3 stores in the second quarter. The Company plans to open 90 to 95 stores and close 5 to 10 stores in fiscal 2008.

Mickey Newsome, Chairman and Chief Executive Officer, stated, "As expected, the shift of the first week in February from the first quarter into last year's fourth quarter negatively impacted our overall sales and our comparable store sales on a fiscal basis."

More Hibbett News... More Fashion News - United States Of America...