BIRMINGHAM, Ala. — Hibbett Sports reported a weaker-than-expected comparable-store sales increase of 0.3% for the second quarter ended Aug. 3, compared to a 4.8% increase in the prior-year period.
Last year's second quarter benefited from the extra week in the fiscal calendar which resulted in approximately $12 million of sales.
Net sales for the quarter were $186.2 million, up 12.6% from $165.4 million for prior-year period. The company's net income for the quarter was $10.5 million, up 33.5% from $7.9 million for prior-year period. Earnings per diluted share increased 33.3% to $0.40 for the quarter, compared with $0.30 for the prior-year period.
“We delivered a solid increase in earnings for the second quarter," said president and CEO Jeff Rosenthal. "Comparable store sales were softer than planned due to a challenging economic environment; however, we are encouraged by a strong start to the third quarter. New store performance continues to be strong and we remain confident with the pace of new store openings.”
For the quarter, Hibbett opened 17 new stores, expanded 3 high performing stores and closed 4 underperforming stores, bringing the store base to 892 in 31 states as of Aug. 3. For fiscal 2014, the company expects to open 70-75 new stores, expand approximately 18 high performing stores and close 15 to 20 stores.
Hibbett Sports operates sporting goods stores in small to mid-sized markets, predominately in the South, Southwest, Mid-Atlantic and Midwest regions of the United States. The company’s primary store format is a 5,000-sq.-ft. store located in strip centers and enclosed malls.