Hibbett Shares Rally On Better-than-estimated Earnings, Increased Outlook

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Shares of Hibbett, Inc. (HIBB), an athletic fashion retailer, are rising more than 14% Tuesday morning after reporting better-than-expected third-quarter results. The company also raised its full-year profit outlook, above analysts’ view.

Net income for the third quarter was $25.5 million, or $2.05 per share, compared with $25.6 million, or $1.94 per share, a year ago. Analysts on average, polled by Thomson-Reuters were expecting profit of $1.18 per share.

Net sales for the quarter decreased 0.3% to $431.9 million from $433.2 million a year ago, but beat the consensus estimate of $416.65 million.

For the full year, the company now expects EPS to be in the range of $8.00 – $8.30, up from the previous guidance of $7.00 – $7.75. The Street expects earnings of $7.27 per share for the year.

HIBB, currently at $61.43, has traded in the range of $34.86 – $75.38 in the last 1 year.

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