BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Hibbett Sports, Inc. (NASDAQ/GS: HIBB), an athletic specialty retailer,
today provided preliminary results for the first quarter ended April 29,
2017.
Based on softer sales trends to start the year, comparable store sales
are expected to decrease by approximately 4%-5% for the first quarter
ending April 29, 2017. The decline in sales, along with additional
clearance markdowns, is expected to result in earnings per diluted share
in the range of $0.94 to $0.97. For the full year, earnings per diluted
share are expected to be in the range of $2.35 to $2.55, which assumes
additional markdown pressure going forward to liquidate aged inventory.
This compares with previous full-year guidance of earnings per diluted
share in the range of $2.65 to $2.85.
Jeff Rosenthal, President and Chief Executive Officer, stated, “We
experienced a slow start to the quarter with a double-digit decline in
comparable store sales in February, most of which we believe was
attributable to a delay in tax refunds. Comparable store sales improved
significantly in March to the positive mid-single digit range, but did
not offset the decline in February. So far in April, we are very pleased
with continued comparable store sales in the mid-single digit range,
driven by strength in footwear and the successful rollout of our
store-to-store/home initiative. Looking forward, we believe that our
store-to-store/home capability and the launch of our e-commerce
initiative in the third quarter will help drive comparable store sales.
Simultaneously in the first quarter, we increased our emphasis on
expense controls, which we believe will help to maximize profitability.”
Hibbett plans to issue its first quarter earnings release before the
market opens on Thursday, May 18, 2017, and will host a conference call
later that same day at 10:00 a.m. ET. The number to call for the live
interactive teleconference is (212) 231-2909. A replay of the conference
call will be available until May 25, 2017, by dialing (402) 977-9140 and
entering the passcode, 21850159.
The live broadcast of Hibbett's quarterly conference call will be
available online at www.hibbett.com
under Investor Relations on May 18, 2017, beginning at 10:00 a.m. ET.
The online replay will follow shortly after the call and be available
for replay for 30 days.
Hibbett Sports, Inc. operates athletic specialty stores in small to
mid-sized markets, predominately in the South, Southwest, Mid-Atlantic
and Midwest regions of the United States. The Company’s primary store
format is Hibbett Sports, a 5,000-square-foot store located in strip
centers and enclosed malls.
A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters discussed
in this press release are "forward looking statements" as that term is
used in the Private Securities Litigation Reform Act of 1995. Forward
looking statements address future events, developments or results and
typically use words such as believe, anticipate, expect, intend, plan,
forecast, guidance, outlook, or estimate. For example, our
forward looking statements include statements regarding comparable store
sales, earnings per diluted share, markdowns to inventory, our
store-to-store/home capability and e-commerce initiative, expense
control and profitability. Such statements are subject to risks
and uncertainties that could cause actual results to differ materially,
including economic conditions, industry trends, merchandise trends,
vendor relationships, customer demand, and competition. For a
discussion of these factors, as well as others which could affect our
business, you should carefully review our Annual Report and other
reports filed from time to time with the Securities and Exchange
Commission, including the "Risk Factors," "Business" and "MD&A" sections
in our Annual Report on Form 10-K filed on March 28, 2017. In
light of these risks and uncertainties, the future events, developments
or results described by our forward looking statements in this document
could be materially and adversely different from those we discuss or
imply. We are not obligated to release publicly any revisions to
any forward looking statements contained in this press release to
reflect events or circumstances occurring after the date of this report
and you should not expect us to do so.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170426005492/en/
Hibbett Sports, Inc.
Scott J. Bowman, 205-942-4292
Senior Vice
President &
Chief Financial Officer
Source: Hibbett Sports, Inc.
