Hibbett Sports (HIBB) Tops Q2 EPS by 5c, Miss on Revenues; Reduces FY18 EPS Guidance

Hibbett Sports (NASDAQ: HIBB) reported Q2 EPS of ($0.15), $0.05 better than the analyst estimate of ($0.20). Revenue for the quarter came in at $188 million versus the consensus estimate of $190.16 million.

Fiscal 2018 Outlook

The Company is updating its guidance for Fiscal 2018 based on the following assumptions:

• Continued soft sales for the remainder of the year due to a challenging retail environment.
• A growing contribution of e-commerce sales, especially during the holiday season.
• Gross margin pressure due to the promotional environment in our industry, the ramp-up of our e-commerce sales, and markdowns needed to reduce aged inventory.
• Continued tight expense controls while maintaining adequate store staffing levels.

Based on these assumptions, the Company is updating its guidance with the following changes:

• Earnings per diluted share in the range of $1.25 to $1.35, which compares with previous guidance of $2.35 to $2.55.
• Comparable store sales in the negative mid to high single-digit range, which compares with previous guidance in the range of negative 1.0% to positive 1.0%.
• A reduction in gross margin rate of 250 to 285 basis points, which compares with previous guidance of a reduction in gross margin rate of 55 to 75 basis points compared with Fiscal 2017.

For earnings history and earnings-related data on Hibbett Sports (HIBB) click here.

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