Hibbett Sports Q3 falls short of Street
Hibbett Sports Inc. reported third-quarter earnings and sales that missed expectations amid softness in its licensed, equipment and accessories business.
Net income fell to $1.5 million, or 8 cents a share, from $7.6 million, or 37 cents a share, in the year-ago period. Excluding items, such as costs related to the acquisition of City Gear, adjusted earnings per share came to 14 cents, below analysts’ estimates of 16 cents.
Net sales fell to $216.9 million from $237.8 million, below estimates of $217.4 million. Same-store sales rose 0.1%, beating expectations of a 0.2% decline. E-commerce accounted for 8.8% of total sales, up 62% compared to the year-ago quarter.
"We continue to see good momentum in our branded apparel business, which helped offset softness in our licensed, equipment, and accessories business in the quarter," said CEO Jeff Rosenthal. “Our e-commerce business continues to exceed expectations, and we expect continued traction as we benefit from enhancements to our mobile app and our new buy online, pick up in store and reserve online capabilities.”
The retailer lowered its its full-year earnings range guidance to $1.55 to $1.65 from $1.57 to $1.75 to reflect acquisition-related costs. It lifted its same-store sales outlook to flat to up 1.0% from down 1.0% to up 1.0%.
Hibbett operates more than 1,000 Hibbett Sports stores nationwide. It also owns and operates more than 100 City Gear stores.
Net income fell to $1.5 million, or 8 cents a share, from $7.6 million, or 37 cents a share, in the year-ago period. Excluding items, such as costs related to the acquisition of City Gear, adjusted earnings per share came to 14 cents, below analysts’ estimates of 16 cents.
Net sales fell to $216.9 million from $237.8 million, below estimates of $217.4 million. Same-store sales rose 0.1%, beating expectations of a 0.2% decline. E-commerce accounted for 8.8% of total sales, up 62% compared to the year-ago quarter.
"We continue to see good momentum in our branded apparel business, which helped offset softness in our licensed, equipment, and accessories business in the quarter," said CEO Jeff Rosenthal. “Our e-commerce business continues to exceed expectations, and we expect continued traction as we benefit from enhancements to our mobile app and our new buy online, pick up in store and reserve online capabilities.”
The retailer lowered its its full-year earnings range guidance to $1.55 to $1.65 from $1.57 to $1.75 to reflect acquisition-related costs. It lifted its same-store sales outlook to flat to up 1.0% from down 1.0% to up 1.0%.
Hibbett operates more than 1,000 Hibbett Sports stores nationwide. It also owns and operates more than 100 City Gear stores.