Birmingham, Ala. – Hibbett sports reported a slight dip in net income during first quarter fiscal 2013, although same-store sales and net sales showed some improvement. Net income for the quarter totaled $26.2 million, down slightly from $26.4 million a year earlier. Same-store sales slightly rose 0.8%, while net sales increased 3% from $232.9 million to $240 million. Net income fell short of Wall Street estimates.
During the quarter, Hibbett opened nine new stores, expanded five high-performing stores and closed three underperforming stores, bringing the store base to 879 in 29 states as of May 4, 2013. President and CEO Jeff Rosenthal said colder weather negatively impacted sales of spring assortments compared to first quarter 2012.
“Looking forward, we are well positioned for the summer and back-to-school sales periods given our improved aged inventory position, product assortments and excellent customer service,” Rosenthal said. “This, coupled with accelerated store growth, gives us confidence in maintaining our full-year guidance as well as increasing our new store opening goal.”