Hibbett first quarter tops estimates; raises fiscal 2011 profit view
May 21 (Reuters) - Hibbett Sports Inc (HIBB.O) reported a quarterly profit that surpassed market estimates on strong footwear and apparel sales, and raised its profit view for the current fiscal year.
The sporting goods retailer now expects to earn $1.35 to $1.50 a share for fiscal 2011. It had earlier forecast a profit of $1.12 to $1.30 a share.
Analysts on average were expecting earnings of $1.32 a share, according to Thomson Reuters I/B/E/S.
The company also sees mid- to high-single-digit increases in sales at stores open more than a year.
A first-ever Super Bowl win for the New Orleans Saints and the triumph of national college champions Alabama Crimson Tide have been driving strong demand for licensed products at the Birmingham, Alabama-based sporting goods retailer.
For the first quarter ended May 1, net income rose to $17.3 million, or 59 cents a share, from $10.9 million, or 38 cents a share, a year ago.
Net sales jumped 17 percent to $184.5 million, spurred by double-digit increases in footwear and apparel. Same-store sales rose 14.5 percent.
Analysts on average had expected a profit of 48 cents a share on sales of $175.5 million.
Shares of the company closed at $25.34 Thursday 20 May on Nasdaq. (Reporting by Viraj Nair in Bangalore; Editing by Vinu Pilakkott) (firstname.lastname@example.org; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: email@example.com))
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