Hibbett Sports Expects Q2 Comps Down About 10%; Stock Plunges

(RTTNews) - Hibbett Sports Inc. (HIBB) said that it expects comparable store sales to decrease approximately 10% for the second quarter ending July 29, 2017, citing very challenging sales trends.

In the pre-Market trade, HIBB is trading at $15.10, down $4.60 or 23.35 percent.

The decline in sales, along with significant pressure on gross margin, is expected to result in a loss of $0.19 to $0.22 per share for the second quarter. Analysts polled by Thomson Reuters expect the company to report earnings of $0.15 per share for the second-quarter. Analysts' estimates typically exclude special items.

The company noted that additional details and revised full-year guidance will be provided on August 18, 2017, when the Company reports its second quarter results.

Separately, the Company today announced the launch of a new, transactional e-commerce website, www.Hibbett.com. The site will also be fully integrated with Company stores, including visibility of in-store inventory, the ability to fulfill online orders from stores, the ability to return online purchases in stores, and full integration of the newly enhanced Hibbett Rewards program.