BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Hibbett Sports, Inc. (NASDAQ/GS: HIBB):
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Comparable Store Sales Decrease 2.2% in Fourth Quarter
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Fourth Quarter EPS Expected to be in the Range of $0.53 to $0.55
Per Diluted Share
Hibbett Sports, Inc. (NASDAQ/GS: HIBB), an athletic specialty retailer,
today provided preliminary results for the fourth quarter ended
January 28, 2017.
Preliminary Unaudited Fourth Quarter Results
Net sales for the 13-week period ended January 28, 2017 increased 0.5%
to $246.9 million compared with $245.7 million for the 13-week period
ended January 30, 2016. Comparable store sales decreased 2.2% for the
fourth quarter of Fiscal 2017 compared with the fourth quarter of Fiscal
2016.
Based on preliminary fourth quarter results, earnings per diluted share
for the 13-week period ended January 28, 2017 are expected to be in the
range of $0.53 to $0.55 compared with $0.76 reported for the 13-week
period ended January 30, 2016. Additionally, the Company has established
preliminary Fiscal 2018 guidance of earnings per diluted share in the
range of $2.65 to $2.85, which includes continued investments in our
Store-to-Home and e-commerce initiatives and a positive impact of
approximately $0.10 per diluted share for the 53rd week.
Comparable store sales are expected to be in the flat to low-single
digit range.
Jeff Rosenthal, President and Chief Executive Officer, stated, “We were
disappointed with sales in the fourth quarter. Weaker traffic during the
holiday season and lower than expected sales in apparel and equipment
led to a comparable store sales decline. We continued to experience
strength in our footwear business, which was a direct result of our
improved assortments and in-stocks by store types. As traffic declined
and sales softened, we became more promotional in order to drive sales
and manage inventory, which had a negative impact on gross margin.
Further details about sales trends and our future outlook will be
discussed when we report fourth quarter results on March 10, 2017.”
Hibbett plans to issue its fourth quarter earnings release before the
market opens on March 10, 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) 231-2905. A replay of the conference
call will be available until March 17, 2017, by dialing (402) 977-9140
and entering the passcode, 21842978.
The live broadcast of Hibbett's quarterly conference call will be
available online at www.hibbett.com
under Investor Relations on March 10, 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 earnings per
diluted share, impact of the 53rd week in
Fiscal 2018, Store-to-Home and e-commerce initiatives. 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, 2016 and in our Quarterly Reports on Form 10-Q filed on
June 7, 2016, September 9, 2016 and December 7, 2016. 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/20170213006155/en/
Hibbett Sports, Inc.
Scott J. Bowman, 205-942-4292
Senior Vice
President & Chief Financial Officer
Source: Hibbett Sports, Inc.
