Shares of Hibbett Sports jumped more than 20% in early trading on Friday after the company posted fiscal first-quarter net income of $27.4 million, or $1.48 a share, compared with net income of $21.5 million, or $1.12 a share, a year earlier.
Excluding non-recurring costs, non-GAAP net income for the 13-week period ended May 4 was $29.8 million, or $1.61 a share. Analysts polled by FactSet had been expecting earnings of $1.32 a share.
- Related. 2 Sporting Goods Stocks to Consider
Sales jumped 25% to $343.3 million for the fiscal quarter, while comparable-store sales increased 5.1%.
Strength in footwear and sneaker-connected apparel and accessories continued to offset softer sales in licensed products and team sports items, the company said in a statement.
The company also raised its guidance for fiscal 2020, saying it now expects per-share earnings of between $1.70 and $1.85 vs. previous expectations of per-share earnings of between $1.50 and $1.70.
Your summer savings are here and just in time for Memorial Day! Head to a Hibbett store or shop online and save 20% off $99 or more!
Find your store | https://t.co/xxKQNDETvfMay 24, 2019
Hibbett Sports now expects comparable-store sales of between 0.5% and 2% vs. previous guidance of between down 1% and up 1%.
Shares of Hibbett Sports were up 21.75%, or $4.31, at $24.13 in afternoon trading on the Nasdaq Stock Market.