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Hibbett Sports net income drops in Q4, sales climb

Birmingham, Ala. – Net income and sales declined at Hibbett Sports Inc. during the fourth quarter of fiscal 2013. Net income dropped 13% from $19.6 million in the fourth quarter of the prior fiscal year to $16.4 million, while net sales inched upward 0.2% to $217.8 million from $217.4 million.

Same-store sales rose 1.7% during the quarter. Hibbett Sports cited slowing sales in January due to inclement weather and a less favorable sales impact from the national college football championship game as impacting net income.

“Sales trends improved significantly in February as weather patterns normalized, and we transitioned to our spring assortment,” said Jeff Rosenthal, president and CEO of Hibbett Sports. “Looking ahead, we feel confident in our product offering, inventory levels and execution as we progress through this important season. We also continue to be encouraged by new store unit growth and sales, and look forward to delivering value on our key initiatives in fiscal 2015."

Fiscal results followed a similar pattern during the full fiscal year 2014 with net income dropping 2% to $70.9 million from $72.6 million, and net sales increasing 4.1% to $852 million from $815.7 million. Same-store sales rose 1.8%.

 

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