Hibbett Q2 Net Income Declines; Increases Full Year Comps. Guidance

(RTTNews) - Hibbett, Inc. (HIBB) reported second quarter net income of $24.7 million, or $1.86 per share, compared to $46.7 million, or $2.86 per share, a year ago. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $2.16, for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased 6.3% to $392.8 million compared with $419.3 million, prior year. Comparable sales decreased 9.2%. Analysts on average had estimated $394.78 million in revenue.

Mike Longo, CEO, said: "We are increasing our second half comparable sales guidance to the positive low-double digits from the positive high-single digits and the full year comparable sales guidance to between flat and positive low-single digits from the negative low-single digits. We currently expect year-over-year sales growth in the third and fourth quarters, which will result in a return to better leverage of fixed costs."

For the full year, the company expects earnings per share to remain in the range of $9.75 - $10.50.

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