Shares of athletic-inspired fashion retailer Hibbett Sports, Inc. (HIBB) are rising more than 5% Friday morning on upbeat third-quarter results. The company also provided fourth quarter earnings outlook, better than the Street’s view.
Net income for the third quarter was $25.3 million, or $1.47 per share, compared with $2.3 million, or $0.13 per share a year ago.
On an adjusted basis, net income was $24.9 million, or $1.45 per share, compared with $5.8 million, or $0.32 per share last year. On average 5 analysts polled by Thomson Reuters expected earnings of $0.45 for the quarter.
Net sales for the quarter increased 20.3% year-over-year to $331.4 million. The consensus estimate was for $286.42 million, helped primarily by a 50.7% growth in e-commerce sales.
For the fourth quarter, the company sees earnings per share in the range of $1.00 to $1.10; Analysts’ view stands at $0.6 per share.
HIBB is currently trading at $44.30. It has traded in the range of $7.33- $55.96 in the past 52 weeks.
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