Hibbett profit soars on strong same-store sales

Birmingham, Ala. -- Hibbett Sports said Friday its third-quarter profit jumped 43% as it posted another quarter of double-digit growth in same-store sales revenue. It also boosted its forecast for the year.

The company reported net income of $12.6 million in the three months that ended Oct. 30, up from $8.8 million a year ago.

Revenue rose nearly 15% to $167.4 million, from $145.9 million a year ago. Same-store sales rose 12.5%.

The company also said goods sold, distribution center and store occupancy costs climbed 13% in the third quarter to $108.4 million.

Hibbett runs stores in small- to mid-sized markets mostly in the Southeast, Southwest, Mid-Atlantic and lower Midwest regions. It opened 17 stores and closed two in the quarter, bringing its total to 789 in 26 states.

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