Net sales rose 8% to $157.7 million, on par with Wall Street expectations. The company said its second quarter would be affected by the absence of stimulus checks and the transition of tax breaks into the third quarter.
Hibbett reported 4th quarter profits rose to $7.6 million, up from $7.61 million a year ago. Revenue was up 4%.
HIBB's revenue during Q3 2009 increased 8.1% following a net 14 increase in store openings and a 0.4% increase in comparable store sales. However, the company's operating margin decreased to 8.59% from 9.68% from a year earlier. As a result, the company's net income decreased 2.09% during the quarter.
On 9/3 the company announced the departure of president and COO Nissan Joseph.
For the quarter ending 5/3/08, HIBB reported seals rose 8.95% year over year. The market received the news well, with HIBB rising 15% on the day.
Hibbett Sports issued 2008 guidance below Wall Street expectations amid a difficult retail environment that has been impacted by a declining U.S. economy. The company expects a profit between 88 cents to $1 per share for the year ending Jan. 31, 2009. Analysts polled by Thomson Financial expect a profit of $1.08 per share for the year.
