UPDATE: Hibbett Reports Upbeat Q1 Results, Lifts Earnings Forecast

Hibbett Sports Inc HIBB released its results for the first quarter on Friday. Hibbett reported its Q1 net income at $21.3 million, up from $17.3 million, in the year-ago period. Hibbett reported its Q1 earnings at $0.76 per share. The company's revenue increased 10.4% y/y to $203.7 million. However, analysts were expecting earnings of $0.67 per share on revenue of $201 million. Hibbett's comparable store sales surged 6.8%. Hibbett lifted its FY12 earnings guidance to $1.80 to 1.95 per share, from $1.70 to 1.90 per share. However, analysts expected earnings of $1.85 per share. Hibbett shares fell 0.48% to $37.32 in after-hours trading. Read more from Benzinga's Company news.