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Article Date: August 2017
Word Count: 324

Hibbett Stalls in Q2, Guides Down For Year

Comp store sales tumbled 11.7%, even worse than HIBB’s lowered guidance issued in July, as the small market retailer’s bottom line swung to a loss of $3,176,000 in Q2, against income of $6,510,000 last year, on 9% lower sales at $187,958,000 vs. $206,933,000. While the loss was less than Hibbett had warned, it slashed FY2018 guidance to net income of $1.25 to $1.35 per share ($27 million) down from previous guidance of $2.35 to $2.55, assuming negative mid- to high-single-digit comps and gross margins falling 250 to 285 basis points. HIBB stock fell a further 10% on the news.


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