Finance & Capital Management

Birmingham, Ala. – Hibbett Sports Inc. cane up short of Wall Street expectations for earnings and revenues in the first quarter of fiscal 2016. Hibbett reported net income of $27.4 million, down 3% from $28.4 million a year earlier.

Increases in store operating, selling and administrative expenses, as well as depreciation and amortization, fueled the decline in profit. Net sales grew 3% to $269.8 million from $261.9 million, while same-store sales dropped 0.9%.

Tampa, Fla. -- Ashley Furniture Industries announced that it is establishing, through its wholly owned subsidiary, Ashcomm LLC, its U.S. e-commerce headquarters in Ybor City.

The headquarters office will occupy 70,000 sq. ft. of space in Centro Ybor in the heart of Tampa’s historic business and entertainment district. It will eventually house more than 100 employees in executive, administrative, marketing, design, and information technology positions for both the e-commerce business as well as other Ashley corporate operations.
 

L Brands is showing that it continues to be a bright spot in a volatile specialty retail environment with its latest quarterly results.

The company raised its full-year adjusted earnings guidance to $3.50 to $3.70 a share, from its previous forecast for $3.45 to $3.65. The retailer reported profit of $250.5 million, or 84 cents a share, in the three months ended May 2, up from $157 million, or 53 cents a share, in the prior year period. Sales rose 5% to $2.5 billion.

Evansville, Ind. – Shoe Carnival Inc. saw net income and sales increase during the first quarter of fiscal 2015 as selling, general and administrative (SG&A) expenses and cost of sales rose at a slower pace than revenues.

Net income totaled $10.4 million, up 8% from $9.2 million the same period a year earlier.

Net sales increased 7% to $252.77 million, from $235.77 million. Same-store sales climbed 3%.

San Francisco – Williams-Sonoma Inc. exceeded Wall Street expectations with earnings and sales in the fiscal 2015 first quarter. From the same period the previous year, net income declined 3% to $44.79 million from $46.16 million.

Increases in cost of goods sold and selling, general and administrative (SG&A) expenses helped reduce net income. Net revenues rose 6% to $1.03 billion from $973.33 million. The West Elm banner had particularly strong sales growth.

Fort Myers, Fla. – Chico’s FAS announced that CEO and president David F. Dyer intends to retire in spring 2016, at the end of the company’s fiscal year.

He will remain in his current role until a successor is appointed, and will remain on the board in the newly-created role of vice chairman until June 2016. The women’s specialty apparel retailer has retained executive search firm Herbert Mines Associates to assist in finding a new chief executive.

Dollars Tree’s first quarter sales were less than expected, it is divesting more of the acquired Family Dollar stores than expected and closing the merger is taking longer than expected.