Hibbett Sporting Goods Inc, a sporting goods retailer, announced results for the first quarter ended April 29th 2006.
Net sales for the 13-week period ended April 29th 2006; increased 10.5 percent to $126.9 million compared with $114.8 million for the 13-week period ended April 30th 2005. Comparable store sales decreased 0.07 percent in the first quarter of fiscal 2007 compared with comparable store sales increases of 8.2 percent and 8.8 percent in the same periods in fiscal 2006 and fiscal 2005, respectively.
Net income for the first fiscal quarter increased 7.7 percent to $11.5 million compared with $10.7 million in the first fiscal quarter of last year. Earnings per diluted share increased 12.9 percent to $0.35 compared with $0.31 per diluted share in the prior year. As compared to prior year proforma net income of $10.1 million, or $0.29 per diluted share, net income for the first fiscal quarter increased 14.2 percent and earnings per diluted share increased 20.7 percent.
Hibbett opened a net of 11 new stores during the first quarter, bringing the store base to 560 in 22 states as of April 29th 2006. It plans to open a net of approximately 80 to 85 new stores in fiscal 2007, including a net of approx. 15 to 18 stores in the second quarter.
Mickey Newsome, Chairman and CEO, stated, "The first quarter comparable store sales results reflect the momentum we faced from over 8% gains for the last two years and softness in a few key merchandise offerings. The gain in team sports equipment partially offset the year-over-year declines we expected in NBA pro-licensed apparel and Baller Bands.”
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
