May 18, 2017
After a rocky Q1 ended Apr. 29 in which it saw net decline 8% to $20,910,000 from $22,780,000 on 2% lower sales to $275,688,000 from $282,092,000, Hibbett is betting that a ramp up of its store-to-home program, the Q3 launch of its e-commerce site and increasing allocations of more fashion product, especially sneakers, will set the chain on the path to improved margins and sales in H2.
Net loss was $4,507,000 against a profit of $311,000 last year for the quarter ended Apr. 29 pulled down by $1.7 million in charges related to a bid for Gander Mountain, as revenues increased 3% to $156,898,000 from $151,615,000, but comps declined 6.9%.
Net income fell 10% to $12,771,000 from $14,250,000 in the first quarter ended Apr. 29 on 7% lower revenues at $242,090,000 vs. $261,294,000 that declined due to retail store closings and a planned decrease in shipments to boost margins.
Following its purchase of the Easton, PA, Majestic plant, Under Dog will begin making the on-field uniforms for MLB playoffs in 2018 and take over all the on-field uniform rights for 2019, a year ahead of schedule.
A MN bankruptcy court granted Gander’s motion to amend the rules on its liquidation sales that will allow the undertakers to advertise the sales as Going Out of Business and Total Liquidation sales.
He takes over the president and CEO post from his father, Mike Brooks, who will remain as chairman and serve as an advisor for the rest of the year.