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By
Reuters
Published
May 23, 2014
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Hibbett Sports Reports First Quarter Fiscal 2015 Results

By
Reuters
Published
May 23, 2014

Hibbett Sports, a sporting goods retailer, today announced results for the first quarter ended May 3, 2014.

Hibbett Sports
Hibbett Sports store in Monroeville, Alabama

Net sales increased 9.1% to $261.9 million for the 13-week period ended May 3, 2014, compared with $240.0 million for the 13-week period ended May 4, 2013. Comparable store sales increased 4.1%.

Gross profit was 37.5% of net sales for the 13-week period ended May 3, 2014, compared with 37.9% for the 13-week period ended May 4, 2013.

Store operating, selling and administrative expenses were 18.7% of net sales for the 13-week period ended May 3, 2014, compared with 18.8% of net sales for the 13-week period ended May 4, 2013.

Net income was $28.4 million for the 13-week period ended May 3, 2014, compared with $26.2 million for the 13-week period ended May 4, 2013. Earnings per diluted share were $1.09 for the 13-week period ended May 3, 2014, compared with $1.00 for the 13-week period ended May 4, 2013.

Jeff Rosenthal, President and Chief Executive Officer, stated, “We were pleased with sales during the first quarter, which were driven by strong demand in our core footwear and brand focused apparel businesses. In addition, we opened a record number of new stores and fully converted operations to our new wholesale and logistics facility. Looking forward, the continued success of new stores and the efficiencies of our new wholesale and logistics facility will be a catalyst for sustained, profitable growth for the company. Our team is focused on the execution of our strategic priorities and delivering sound results for our shareholders. We are confident that we can achieve the financial and operational goals for Fiscal 2015 and beyond.”

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