UPDATE: Hibbett FQ2 Earnings Top Street View

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Hibbett Sports
HIBB
reported upbeat earnings for its fiscal second-quarter. The Birmingham, Alabama-based company posted quarterly earnings of $8.38 million, or $0.32 per share, compared to $10.5 million, or $0.40 per share, in the year-ago quarter. Its sales increased 4.1% to $193.9 million from $186.2 million. Hibbett had earlier expected earnings of $0.30 to $0.32 per share on sales of $194 million. However, analysts were expecting earnings of $0.31 per share on sales of $200.72 million. Hibbett's same-store sales rose 0.1% in the quarter. Store operating, selling and administrative costs widened to 24% of sales, from 23.4% of sales, in the year-ago period. Its gross margin shrank to 33.2% versus 34.3%. Hibbett opened 16 new stores, expanded 1 high performing store and closed 5 underperforming stores during the quarter. At August 2, 2014, estimated square footage for the store base rose 6.4% to around 5.5 million square feet, up from 5.1 million square feet at August 3, 2013. Hibbett repurchased 423,263 shares for a total expenditure of $22.5 million in the quarter. Jeff Rosenthal, President and Chief Executive Officer, said, “Comparable store sales were softer than expected for the quarter, but we are encouraged by the improvement in traffic in early August. In addition, we are on pace to achieve our goal of 75 to 80 new stores this year, and continue to be pleased with new store performance.” Hibbett also reaffirmed its forecast for the full year. Hibbett's shares gained 0.04% to close at $46.83 yesterday.
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Posted In: EarningsNewsGuidanceprofit
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