Rapidly growing sporting goods retailer, Hibbett Sporting Goods Inc announced that net sales for the nine-week period ended December 31, 2005, increased 11.9 percent to $90.6 million compared with $81.0 million for the comparable nine-week period ended January 1, 2005.
Comparable store sales increased 1.7 percent for the nine-week period ended December 31, 2005.
Comparable store net sales data reflects sales for their Hibbett Sports and Sports Additions stores open through the nine-week periods ended December 31, 2005, and January 1, 2005.
The Company expects to report sales for the fourth quarter on February 2, 2006, and earnings for the fourth quarter and fiscal year ended January 28, 2006, on March 9, 2006.
Based on the sales results for the nine-week period ended December 31, 2005, and the Company's merchandise plan for January, the Company confirmed its previously issued earnings guidance of $0.27 to $0.29 per diluted share for the fourth quarter of fiscal 2006.
Commenting on the announcement, Mickey Newsome, Chairman and Chief Executive Officer, stated, 'Footwear and apparel were positive while equipment was negative.
As planned, their clean inventory position enabled them to reduce their promotional activity and improve their product gross margin.
With December comps higher than November and with exciting footwear launches and other new spring merchandise being delivered to their stores, they expect sales momentum to continue building in January.'
Hibbett Sporting Goods Inc operates sporting goods stores in small to mid-sized markets, predominantly in the Sunbelt, Mid-Atlantic and Midwest.
The Company's primary store format is Hibbett Sports, a 5,000-square-foot store located in enclosed malls and dominant strip centers.
Hibbett Sporting Goods Inc