All sectors positive in Hibbett Sports' Q1
Hibbett opened 17, expanded one, and closed eight stores.
Store operating, selling and administrative expenses were 19.9% of net sales for the 13-week period ended April 30, 2016, compared with 19.2% of net sales for the 13-week period ended May 2, 2015.
Net income for Hibbett Sports was $27.9 million compared with $27.4 million for the 13-week period ended May 2, 2015. Earnings per diluted share was $1.22 for the 13-week period ended April 30, 2016, compared with $1.09 for the 13-week period ended May 2, 2015.
Jeff Rosenthal, president and chief executive officer of Hibbett Sports, stated, "During the quarter, we showed improved performance in our apparel assortment and believe that our strategy is gaining traction in this area.
"Footwear also posted positive results, driven by strong performance in our lifestyle category. We were also pleased with the increase in gross margin rate, driven by solid management of markdowns and promotions, while reducing inventory levels to be more in line with sales."
For the quarter, Hibbett opened 17 new stores, expanded one high performing store and closed eight underperforming stores, bringing the store base to 1,053 in 33 states as of April 30, 2016.
Hibbett Sports is maintaining its guidance for the 52 weeks ending January 28, 2017, of earnings per diluted share in the range of $2.90 to $3.04, comparable store sales in the low single-digit range, and a relatively flat product gross margin rate compared with that of Fiscal 2016. ■