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Hibbett Profits Rise in Q2

Buoyed by good sales of performance footwear and apparel, Hibbett Sports, Inc. reported a 2 percent increase in net income to $4.8 million.

ATLANTA — Buoyed by good sales of performance footwear and apparel, Hibbett Sports, Inc. reported a 2 percent increase in net income to $4.8 million, or 17 cents per share, in the second quarter, ended Aug. 2, from $4.7 million, or 15 cents per share, in the year-ago quarter.

Comparable store sales in the quarter rose 5 percent, and net sales increased 13.9 percent to $130.3 million from $114.4 million.

As a result, Hibbett raised its earnings outlook for the fiscal year to a range of 93 cents to $1.03 per diluted share based on comparable store sales ranging from flat to up 1 percent for the second half of fiscal 2009.

“Considering the current retail environment,” said Mickey Newsome, chairman and CEO, “we are pleased with our results for the quarter. Performance footwear and apparel were key to our growth. While we are aware that the economic stimulus package aided our results in the second quarter, we also believe that our systems investments from a year ago are beginning to positively impact our sales.”