Hibbett Sports Q2 Earnings Down, But Exceed Estimates; Revenues Miss

(RTTNews) - Sports good retailer Hibbett Sports, Inc. (HIBB) Friday reported second-quarter net earnings which declined, hurt by nearly flat comparable stores sales and lower gross margin, but nevertheless topped analysts' estimates, while revenues fell short.

For the 3-month period, which the company exited with 950 stores, net earnings declined to $8.4 million or $0.32 per share, from $10.5 million or $0.40 per share a year earlier.

Nineteen analysts polled by Thomson-Reuters had a consensus earnings estimate of $0.31. Analysts' estimates typically exclude one-time items.

Net sales increased by 4.1 percent to $193.9 million, from $186.2 million last year, but were shy of $201.05 million analysts expected.

Comparable stores sales for the quarter increased by 0.1 percent, the Hibbett Sports said in a statement.

For the fiscal year, the company still expects annual earnings of $2.63 to $2.73 per share and a low, single-digit increase in comparable store sales.