Heavy promotions to clear inventory salvaged what was expected to be an awful third quarter, but the bottom line suffered a 48% drop to $7,564,000 from $14,604,000 as gross margin tumbled 340 basis points to 32.0% from the markdowns. Sales were flat at $237,834,000 vs. $237,006,000 with comps down 1.3%. Inventory ended the quarter down 9% to $265.4 million and Q4 will see additional reductions, HIBB said. Hibbett raised full-year earnings guidance to $1.42 to $1.50 per share ($30 million) from the $1.25 to $1.35 lowered guidance after Q2, but still far below its original expectations of $2.35 to $2.55. ... Log in to view full article.