Hibbett Sports heats up on fiscal 1Q expectations beat, improved guidance

Shares of Hibbett Sports Inc (NASDAQ:HIBB) raced ahead in pre-market trading Friday after the company rode strong same-store sales growth to a fiscal first-quarter expectations beat Friday morning.

The athletics retailer saw net sales jump 25% year over year to $343 million, including $59.4 million from its shoe and apparel chain City Gear, which comfortably beat expectations of $326.1 million. Same-store sales increased 5.1%.

The stock was up more than 14% in early trading. 

READ: Hibbett Sports soars after zipping past Street’s fiscal 4Q forecasts

Net income came in at $29.8 million, or $1.61 per share. That topped Street estimates of $1.32.

The company also revised up its outlook for fiscal 2020. It expects earnings per share to fall between $2 and $2.15 per share, up from its previous range between $1.80 and $2. Analysts are calling for $1.89.

“Our first quarter results reflect improved performance in both the store and e-commerce channels,” CEO Jeff Rosenthal said. “We believe our improved web traffic and mobile app, along with continued traction in Buy Online, Pickup in Store, are translating to traffic in our stores and online.”

The Birmingham, Alabama company closed 24 stores in the quarter, and expects to shutter between 80 and 85 over the full year.

Contact Andrew Kessel at [email protected]

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Story by ProactiveInvestors