Hibbett Sports Inc. shares soared 10% in premarket trade Friday, after the sporting retailer blew past estimates for the third quarter and raised its guidance. Hibbett posted net income of $25.3 million, or $1.47 a share, for the quarter to Oct. 31, up from $2.3 million, or 13 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.45, well ahead of the 45 cents FactSet consensus. Sales rose 20% to $331.4 million from $275.5 million, ahead of the $286 million FactSet consensus. Same-store sales rose 13.2% to top the 10% FactSet consensus. E-commerce sales rose 50.7% to account for 13.2% of total sales, up from 10.5% a year ago. “We believe the increase in overall sales was positively impacted by continued strength in omni-channel adoption, improved new customer retention, market disruption, and availability of in-demand product, which collectively helped increase the revenue per transaction in the quarter,” the company said. “The direction of the pandemic is uncertain, but we will continue to adapt and safeguard our customers and team members, while also striving to generate positive returns,” said Chief Executive Mike Longo. The company is now expecting fourth-quarter same-store sales to range from a high-single digit increase to a low double-digit increase. It expects EPS to range from $1.00 to $1.10, compared with a FactSet consensus of 60 cents. Shares have gained 50% in the year to date, while the S&P 500 has gained 11%.
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