Hibbett Sports Backs Full-Year Earnings Forecast

(RTTNews) - Sporting goods retailer Hibbett Sports Inc. (HIBB) Friday said it is maintaining its outlook for the full year 2017, after it reported higher profit and sales for the first quarter that came in above analysts' expectations.

For the full year 2017, the company continues to expect earnings per share of $2.90 - $3.04, comparable store sales in the low single-digit range, and a relatively flat product gross margin rate compared with that of last year.

Seventeen analysts currently expect earnings per share of $2.98, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

With 17 new store openings, but 8 store closures, during the quarter, the company's sales grew 4.6 percent and profit rose 2 percent. However, earnings per share registered 12 percent growth year over year on lower share count.

The company attributed the results to improved performance in apparel assortment and footwear. Higher gross margin rates were driven by solid management of markdowns and promotions, with reduction in inventory levels more in line with sales.