Sporting goods retailer Hibbett Sports Inc. (NASDAQ: HIBB) said Thursday its profit rose 15 percent in the third quarter as sales rose and it took better control of inventory and expenses, according to Associated Press.
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Based in Birmingham, Ala., the company earned $8.8 million, or 30 cents per share, in the quarter that ended Oct. 31. That is up from the $7.7 million, or 26 cents per share, a year earlier.
The latest quarterly results beat a 24 cent per share estimate of analysts.
Revenue rose 4 percent to $145.9 million from $140.1 million. Analysts had expected $144 million.
The retailer also raised its 2010 profit forecast to a range of 95 cents to $1.02 per share from 85 cents to 95 cents per share. Analysts polled by Thomson Reuters expect profit of 92 cents per share.
The company's stock jumped in after-hours trading by $1.53, or 8 percent, to $20.50. It closed at $18.97, down 5.2 percent from a day earlier.
Sales at Hibbett stores that have been open at least a year fell 0.2 percent during the quarter. The figure is considered a key measure of retailer performance because it excludes the impact of stores opening or closing during the year.
The company said it expects the figure to change in a range from rising 2 percent to falling 2 percent for the fourth quarter.
Hibbett authorized $250 million in share buybacks to be completed by Feb. 2, 2013. That program replaces one that was to expire Jan. 30, 2010, under which the company bought back $167 million in shares.
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