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Hibbett Sports beats profit views, lifts outlook

Hibbett Sports Inc. HIBB, -3.01% on Friday lifted its earnings outlook for the year after topping profit expectations in the latest quarter, as the retailer's efforts to control costs countered muted sales.

Sales softened late in the quarter due to significant declines in the colder weather categories, said Chief Executive Jeff Rosenthal, though footwear remained strong.

Hibbett has worked to improve its footwear offerings and Mr. Rosenthal also credited a better inventory position.

For the quarter, sales at stores open at least a year rose 0.6%, an improvement from the 1.1% decline in the second quarter. In the first quarter, same-store sales increased 4.1%.

Hibbett doesn't expect a...