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Article Date: April 2017
Word Count: 304

Hibbett is Latest Retailer to See Q1 Blown Up by Late Tax Refunds

The small town operator lowered guidance by a whopping $0.30 per share because of comps that are expected to be down 4-5% for the first quarter ending Apr. 29. It further lowered full year guidance by $0.30 per share, or $6.4 million, to $2.35-2.55, saying that in addition to the Q1 miss, it anticipated greater than planned clearance activity going forward to keep inventories fresh. HIBB said it suffered a double-digit decline in Feb. comps on the late tax refunds. A mid-single-digit recovery in Mar. that continued into Apr. was not enough to offset the impact of the awful Feb. ... Log in to view full article.


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