- 54% jump in Q4 income
- Full year sales up 5.2%
- Fiscal 2011 earnings estimated with a range of $1.12 to $1.30 per diluted share
Higher sales have helped Hibbett report a 54% leap in fourth quarter net income. The sporting goods retailer said full year sales and income were also up, 5.2% and 10.5% respectively.
Net sales for fourth quarter increased 12.8% to $166.8m. Comparable store sales increased 9.6%. Net income for the quarter reached $11.8m.
Net sales for the year increased 5.2% to $593.5m. Comparable store sales increased 0.7%. Net income in the year increased 10.5% to $32.5m.
Mickey Newsome, executive chairman, said: "We are pleased with the strong comparable stores' sales performance delivered by all merchandise categories during the quarter.
"Approximately one-third of this increase can be attributed to a strong demand for licensed products due to both the University of Alabama and the New Orleans Saints successful football seasons and resulting championships.
"We are encouraged that the positive sales trend has accelerated into the first quarter of Fiscal 2011."
For the year, Hibbett opened 42 new stores, closed 20 stores and expanded 19 high performing stores bringing the store base to 767 in 24 states.
For fiscal 2011, the company expects to open approximately 30 new stores, close 10 to 15 stores and expand 20 high performing stores.
The company issued its earnings guidance for fiscal 2011 with a range of $1.12 to $1.30 per diluted share and an increase in comparable store sales of 1.0% to 4.0%.
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