Hibbett Sports lowers quarterly outlook

BIRMINGHAM, Ala. Hibbett Sports today announced it has revised expectations for the second quarter ended Aug. 4. The company now expects to report a comparable-store sales increase of 2.6% on a fiscal basis compared with the 13-week period ended July 29, 2006 and a decrease of 5.6% on a comparable-store, comparable-week basis. Earnings per diluted share for the fiscal second quarter is expected to be approximately 14 cents to 17 cents compared with 12 cents in the prior-year period.

The company had previously expected to report earnings per diluted share of 20 cents to 24 centsfor the second quarter with a fiscal comparable-store sales increase in the high single digits and flat to up 2% on a comparable-store, comparable-week basis.

Mickey Newsome, chairman and ceo, stated, "A continued sales downtrend in our urban stores and an overall softness in consumer shopping patterns have led us to readjust our expectations for the second quarter. Strong results in branded apparel and accessories were offset by weakness in pro-licensed merchandise and the lack of compelling footwear product to energize our consumer. Although the very preliminary read on third quarter trends have improved and much is left to unfold for the quarter, we remain confident that the strength of our concept will keep us well-positioned for any challenges and opportunities during the balance of the year."