US: Hibbett Sports lifts FY earnings forecast
- Net income rose 26.8% to US$15.9m
- Sales up 10.6% to $185.2m
- Comparable-store sales increased 7%
Hibbett Sports has increased its full-year EPS forecast for the third time this year on the back of a rise in third-quarter net income.
The company said on Friday (18 November) that net income jumped 26.8% to reach US$15.9m for the quarter ended 29 October. Sales rose 10.6% to US$185.2m, while comparable-store sales increased 7%.
It now expects full-year earnings per share to reach US$2.05-2.11, with same-store sales up in the mid single digit range in the fourth quarter. In August, it forecast EPS to increase between $1.90 and $2.00 per share.
Commenting on the results, president and CEO Jeff Rosenthal said: "We are pleased to report the eighth consecutive quarter of comparable store sales increases and a record third quarter operating margin.
"Strong footwear and apparel sales, improved inventory management, and operational excellence continue to drive our results. We look forward to the holiday season and have increased our full year fiscal 2012 guidance."
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