Hibbett Sports Profits Up 43%, Beats Estimates (HIBB)

Hibbett Sports, Inc. HIBB announced on Friday morning that it beat consensus Wall Street estimates. Hibbett Sports, Inc reported that its 3rd quarter net income climbed 43.5% to $12.6 million, or 44 cents per share, up from $8.8 million, or 30 cents per share, a year earlier. The company's revenue rose to $167.42 million, up from $145.86 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 38 cents per share, on revenue of $161.61 million. President and chief executive officer Jeff Rosenthal said, “We are very excited about our performance over the last three quarters. Not only has Hibbett achieved three consecutive quarters of double digit comparable store sales growth, we have also experienced continued margin improvement. As a result, we are raising our earnings guidance for Fiscal 2011. In addition, we are accelerating our store opening plans for this year.” The company increased its full-year earnings guidance for fiscal year 2011 to a range of $1.63 to $1.66 per share. Hibbett Sports, Inc. (HIBB) closed the previous trading day at $28.16 per share. Analysts covering the company's stock give it a consensus price target of $30.76 per share. Read more from Benzinga's Company news.