Net income increased 27% in the first quarter ended May 5 to $27,420,000 from $21,509,000 on 25% higher sales of $343,295,000 up from $274,707,000 that included a $54.9 million contribution from City Gear and 3% growth from Hibbett stores. Comp store sales, which excludes City Gear, gained 5.1% including low-single-digit store comps lapping a -0.4% comp last year, and strengthened each month as the quarter progressed. E-commerce sales grew 50% to 8.3% of sales on improving web traffic and HIBB’s new mobile app, helped by increased adoption of its BOPUS option. The better-than-expected results sent HIBB shares soaring over 20%.
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