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Soft traffic prompts Hibbett to cut full-year guidance
A more cautious consumer led to weaker-than-anticipated traffic at Hibbett in the second quarter, prompting the sporting goods retailer to revise its earnings expectations for the full year.
Net sales for the 13-week period ended August 2 are expected to increase 4.2% to $194 million compared with $186.2 million for the year-ago period. Comparable store sales are expected to increase 0.1% for the quarter.
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Stein Mart marks ninth consecutive quarter of positive sales
Stein Mart is marking its ninth consecutive quarter of positive sales. The company reported total sales of $75.3 million for July, a 0.9% increase from $74.6 in the prior year.
The company has generated $298.1 million in total sales for the second quarter so far, a 2.5% increase from $290.9 in the year-ago period. Comparable-store sales have increased 1.3%.