• Q2 profit up 32.9% to US$7.9m 
  • Sales up 8% to $165.4m
  • FY EPS guidance of $2.57 to $2.67

Sporting goods retailer Hibbett Sports has raised its full-year guidance after recording a 32.9% jump in second-quarter profit.

Net income for the quarter ended 28 July reached US$7.9m, compared to $5.9m in the same period last year. Operating income rose 32.1% to $12.4m. And net sales increased 8% to $165.4m, while comparable stores sales climbed 4.8%.

"Our outlook for fiscal 2013 continues to indicate solid earnings growth driven by positive sales trends and margin improvement," commented Jeff Rosenthal, president and CEO.

"Based on our strong first half results, we are raising full year earnings estimates. Our small market strategy of bringing premium branded products to underserved markets continues to drive results."

The company now expects full-year earnings per share to be in the range of $2.57 to $2.67, compared to previous forecasts of $2.50-2.65 per share.

It also aims to open 55-60 new stores, expand around 15 high performing stores and close up to 18 underperforming stores.