Hibbett Sports gains after boosting 2010 forecast

AP News
Posted: Nov 20, 2009 2:21 PM

Shares of sporting goods retailer Hibbett Sports Inc. rose Friday, a day after its third-quarter results beat Wall Street expectations and it raised its 2010 profit forecast.

Shares rose 57 cents, or 3 percent, to $19.54 in afternoon trading.

Hibbett, based in Birmingham, Ala., said Thursday that its profit rose 15 percent in the third quarter as sales rose and it took better control of inventory and expenses. Its 30 cents per share profit beat a 24 cent per share estimate of analysts polled by Thomson Reuters.

The retailer 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 96 cents per share.

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It also announced the authorization of $250 million in share buybacks.