Hibbett comes up short with earnings, revenues

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%.

“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,” said Jeff Rosenthal, president and CEO. “We were pleased with our performance in March and April, and we have seen this trend improve in May.”

During the full fiscal year, Hibbett expects same-store sales growth in the low-mid-single-digit range.