Hibbett Q2 profit plunges 77%

Birmingham, Ala. Hibbett Sports said second-quarter profit fell 77% on lower sales compared with a year ago, when consumers had government stimulus checks and a tax holiday helped drive purchases. Its results fell short of Wall Street expectations, and it cut its guidance for fiscal 2010.

The company reported net income of $1.1 million, compared with $4.8 million a year ago. Sales fell 6% to $123.1 million, from $130.3 million.

The lack of stimulus money that customers had to spend last year in the second quarter and the fact that the sales tax holiday was in this year's third quarter, affected year-over-year comparisons, CEO Mickey Newsome said in a statement.