Birmingham, Ala. – Hibbett Sports Inc. plans to open 75-80 new stores, expand 10-15 stores and close 10-15 stores during fiscal 2015 (which coincides with calendar 2014). These aggressive growth plans comes as Hibbett reports increases in net income and sales during the first quarter of fiscal 2015.
Net income rose 8% to $28.4 million, from $26.2 million and net sales increased 9% to $261.9 million, from $240 million. Same-store sales grew 4.1%. For the fiscal year, Hibbett expects same-store sales to increase in the low-to-mid-single-digit range.
“We were pleased with sales during the first quarter, which were driven by strong demand in our core footwear and brand focused apparel businesses,” said Jeff Rosenthal, president and CEO. “In addition, we opened a record number of new stores and fully converted operations to our new wholesale and logistics facility. Looking forward, the continued success of new stores and the efficiencies of our new wholesale and logistics facility will be a catalyst for sustained, profitable growth for the company.”