Net income for the fourth quarter of fiscal 2010 was $4.0 million, or $0.18 per diluted share, compared to net income of $6.4 million, or $0.29 per diluted share, for the fourth quarter of fiscal 2009. Results for the fourth quarter of fiscal 2010 include a net pre-tax charge of $2.3 million, or $0.07 per diluted share, for lawsuits previously disclosed in the Company's filings with the SEC, of which $1.5 million was classified as selling and administrative expense and $0.8 million was classified as a reduction in net sales. Results for the fourth quarter of fiscal 2009 include a net pre-tax charge of approximately $1.0 million, or $0.03 per diluted share, related to legal matters.

For the 52-week fiscal 2010 full year, net sales increased to $896.8 million from net sales of $895.5 million for the 53-week fiscal 2009 full year. Same store sales in fiscal 2010 increased 0.8% versus the comparable period in the prior year. Net income was $20.6 million, or $0.94 per diluted share, for fiscal 2010, compared to net income of $21.8 million, or $1.01 per diluted share, in fiscal 2009. Results for fiscal 2010 include the net charge of $0.07 per diluted share relating to legal matters. Results for fiscal 2009 include the net charge of $0.03 per diluted share relating to legal matters.

"Our business continues to be challenged by the economy in many of our markets, which, along with extreme variances in weather patterns, has created inconsistency in our recent sales trends," said Steven G. Miller, the Company's Chairman, President and Chief Executive Officer. "While we achieved same store sales in the positive low-single-digit range for October and positive mid-single-digit range for November, which included the 'Black Friday' weekend, these gains were offset as our sales turned negative over the key three-week gift shopping period preceding Christmas. Following the holiday season, positive sales trends resumed and continued until mid-January as our markets experienced favorable winter weather conditions. However, sales weakened considerably between mid-January and mid-February, as unseasonably warm and dry weather conditions reduced demand for winter products in many of our markets. Our same store sales are currently running down in the low single-digit range for the quarter to date, compared to a mid-single-digit same store sales increase during the same time period last year."

If you liked this article you might like

Hibbett Sports Is Worth a Shot After Sporting Goods Misses

Wednesday's Worst Stocks: AMC, JWN, PXD

Hibbett's Dim Outlook Sends Sports Retailer Stocks Tumbling

Big 5 Sporting Goods (BGFV) Stock Advances, Deutsche Bank Upgrades