UPDATE: Hibbett Posts 34% Rise In Q2 Profit, Lowers Full-Year Outlook

Hibbett Sports

reported a 34% rise in its fiscal second-quarter earnings and cut its earnings forecast for the year. Hibbett now expects full-year earnings of $2.65 to $2.77 per share, versus its earlier view of $2.85 to $3.05 per share. However, analysts were projecting earnings of $2.94 per share. Hibbett's quarterly profit surged to $10.5 million, from $7.9 million, in the year-ago period. Its per-share earnings climbed to $0.40 from $0.30 per share. Its sales jumped 13% to $186.2 million. However, analysts were expecting earnings of $0.39 per share on sales of $186 million. Hibbett shares fell 12.78% to $51.00 in pre-market trading.