Hibbett & City Gear

Birmingham, Ala. – Hibbett Sports Inc. missed Wall Street expectations for profit and sales in the second quarter of fiscal 2015. Net income fell 20% to $8.4 million from $7 million the same quarter the prior fiscal year.   An increase in store operating, selling and administrative expenses helped cut profit. Net sales rose 3% to $199.26 million from $193.92 million. Same-store sales dropped 1.1%.  

Hibbett Sports Inc. says a shift in back-to-school tax-free weekends was to blame for softness in same store sales in the second quarter.

The sporting goods retailer says net sales for the 13-week period ended Aug. 1 increased 2.8% to $199.3 million compared with $193.9 million for the 13-week period ended Aug. 2, 2014. Same store sales decreased 1.1%. Net income was $7 million compared with $8.4 million for the 13-week period ended Aug. 2, 2014. Earnings per diluted share totaled 28 cents, compared with 32 cents for the 13-week period ended Aug. 2, 2014.

Hibbett Sports says harsh winter weather, tax refund delays and the West Coast port dispute all contributed to the company posting an unanticipated decline in same store sales for the first quarter.

Jeff Rosenthal, president and CEO, said: “We experienced early headwinds in the quarter, with February posting a negative high-single-digit comp due to impacts from weather-related closures, port delays and a shift in the timing of tax refunds.”

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%.

Hibbett Sports’s expansion plan hit an important milestone in Texas this month.

The retailer announced the opening of its 1,000th store in Sealy, Texas, at 2290 Highway 36 South in Brazos Village.

New York -- Hibbett Sports’ expansion plan hit an important milestone in Sealey, Texas this month, with the opening of its 1,000th store location.

New York -- From extreme-value discounters to c-store operators, retailers across the board are expanding their brick-and-mortar portfolios in 2015. Here’s a review:

• Dollar General will open 730 new stores and remodel 875 existing locations.

• DSW Inc. will open 35 stores, including locations in at least 12 new markets.

• Express is ramping up its new outlet format with 30 locations.

Hibbett Sports is on track to open at least 80 new stores in 2015 as strong holiday sales and early tax refunds gave the retailer a boost in the January quarter.

The company posted quarterly earnings of $19.9 million, compared to $16.9 million, in the year-ago period. EPS surged to $0.79 from $0.64. Its sales gained 9.9% to $239.3 million. Same store sales rose 5.4% in the quarter.