Hibbett Sports Q1 Profit Rises; Backs FY15 EPS View - Quick Facts

(RTTNews) - Sporting goods retailer Hibbett Sports Inc. (HIBB) said that its net income for the first quarter ended May 3, 2014 rose to $28.4 million from last year's $26.2 million, with earnings per share improving to $1.09 from $1.00 in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.09 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 9.1% to $261.9 million from $240.0 million in the prior year quarter. Comparable store sales increased 4.1%. Wall Street expected revenues of $263.69 million for the quarter.

Jeff Rosenthal, President and Chief Executive Officer, stated, "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."

Looking ahead for fiscal 2015, the company still expects earnings per share to be in the range of $2.78 to $2.98. Analysts project annual earnings per share of $2.90. The company still projects to increase comparable store sales in the low-to-mid single digit range, and flat to slightly positive product gross margin rate.