Hibbett Provides Business Update and Announces First Quarter Conference Call
April 26 2017 - 6:30AM
Business Wire
Hibbett Sports, Inc. (NASDAQ/GS: HIBB), an athletic specialty
retailer, today provided preliminary results for the first quarter
ended April 29, 2017.
Based on softer sales trends to start the year, comparable store
sales are expected to decrease by approximately 4%-5% for the first
quarter ending April 29, 2017. The decline in sales, along with
additional clearance markdowns, is expected to result in earnings
per diluted share in the range of $0.94 to $0.97. For the full
year, earnings per diluted share are expected to be in the range of
$2.35 to $2.55, which assumes additional markdown pressure going
forward to liquidate aged inventory. This compares with previous
full-year guidance of earnings per diluted share in the range of
$2.65 to $2.85.
Jeff Rosenthal, President and Chief Executive Officer, stated,
“We experienced a slow start to the quarter with a double-digit
decline in comparable store sales in February, most of which we
believe was attributable to a delay in tax refunds. Comparable
store sales improved significantly in March to the positive
mid-single digit range, but did not offset the decline in February.
So far in April, we are very pleased with continued comparable
store sales in the mid-single digit range, driven by strength in
footwear and the successful rollout of our store-to-store/home
initiative. Looking forward, we believe that our
store-to-store/home capability and the launch of our e-commerce
initiative in the third quarter will help drive comparable store
sales. Simultaneously in the first quarter, we increased our
emphasis on expense controls, which we believe will help to
maximize profitability.”
Hibbett plans to issue its first quarter earnings release before
the market opens on Thursday, May 18, 2017, and will host a
conference call later that same day at 10:00 a.m. ET. The number to
call for the live interactive teleconference is (212) 231-2909. A
replay of the conference call will be available until May 25, 2017,
by dialing (402) 977-9140 and entering the passcode, 21850159.
The live broadcast of Hibbett's quarterly conference call will
be available online at www.hibbett.com under Investor Relations on
May 18, 2017, beginning at 10:00 a.m. ET. The online replay will
follow shortly after the call and be available for replay for 30
days.
Hibbett Sports, Inc. operates athletic specialty stores in small
to mid-sized markets, predominately in the South, Southwest,
Mid-Atlantic and Midwest regions of the United States. The
Company’s primary store format is Hibbett Sports, a
5,000-square-foot store located in strip centers and enclosed
malls.
A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters
discussed in this press release are "forward looking statements" as
that term is used in the Private Securities Litigation Reform Act
of 1995. Forward looking statements address future events,
developments or results and typically use words such as believe,
anticipate, expect, intend, plan, forecast, guidance, outlook, or
estimate. For example, our forward looking statements include
statements regarding comparable store sales, earnings per diluted
share, markdowns to inventory, our store-to-store/home capability
and e-commerce initiative, expense control and profitability. Such
statements are subject to risks and uncertainties that could cause
actual results to differ materially, including economic conditions,
industry trends, merchandise trends, vendor relationships, customer
demand, and competition. For a discussion of these factors, as well
as others which could affect our business, you should carefully
review our Annual Report and other reports filed from time to time
with the Securities and Exchange Commission, including the "Risk
Factors," "Business" and "MD&A" sections in our Annual Report
on Form 10-K filed on March 28, 2017. In light of these risks
and uncertainties, the future events, developments or results
described by our forward looking statements in this document could
be materially and adversely different from those we discuss or
imply. We are not obligated to release publicly any revisions to
any forward looking statements contained in this press release to
reflect events or circumstances occurring after the date of this
report and you should not expect us to do so.
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version on businesswire.com: http://www.businesswire.com/news/home/20170426005492/en/
Hibbett Sports, Inc.Scott J. Bowman, 205-942-4292Senior Vice
President &Chief Financial Officer
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