Hibbett reports second quarter fiscal 2011 Results

Hibbett Sports Inc (HIBB.O) reported a lower-than-expected quarterly profit as operating costs increased, but the sporting goods retailer raised its earnings view for the year citing strength in same-store sales trends going into the third-quarter.

The company, which operates 774 stores in 25 states mainly in Southern, Mid-Atlantic and lower Midwest regions in the United States, now sees fiscal 2011 earnings of $1.45-$1.55 a share, up from its prior view of $1.35-$1.50 a share.

For the second-quarter ended Aug. 1, Hibbett had a net income of $4.0 million, or 14 cents a share, compared with $1.1 million, or 4 cents a share, a year ago.

Analysts on average had forecast earning of 16 cents a share, according to Thomson Reuters I/B/E/S.

Sales jumped 14 percent to $139.8 million, slightly above analysts' expectations of $138.5 million.

Same-store sales rose 11.9 percent, but operating expenses increased 12 percent.