Hibbett raises profit view after strong Q1

Sportswear and shoes retailer Hibbett Sports Inc reported higher-than-expected quarterly results and raised its full-year profit forecast, citing strong demand across categories, cost cuts and improved margins.

Photo: Hibbett Sports Inc

The company, which sells sporting goods, apparel and footwear under several well-known labels such as Nike, Adidas AG, Reebok and Under Armour Inc, lifted its 2012 earnings outlook to $2.50 to $2.65 per share, from $2.35 to $2.55 per share.

First-quarter net income rose to $26.4 million, or 98 cents per share, from $21.3 million, or 76 cents per share, a year ago.

Revenue jumped 14 percent to $232.9 million.

Analysts on average had expected the company to earn 92 cents per share, on revenue of $226.4 million, according to Thomson Reuters I/B/E/S.

Comparable sales rose 11 percent.

Shares of Birmingham, Alabama-based Hibbett closed at $55.81 on Thursday on the Nasdaq.