Hibbett Sports Q2 Profit Declines; Cuts FY16 EPS Range - Quick Facts

(RTTNews) - Hibbett Sports, Inc. (HIBB), a sporting goods retailer, reported second-quarter net income of $7.0 million, or $0.28 per share, compared to $8.4 million, or $0.32 per share last year.

On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.28 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased 2.8% to $199.26 million from $193.92 million, a year ago. Comparable store sales decreased 1.1%. Analysts expected revenue of $208.78 million for the quarter.

For the quarter, Hibbett opened 16 new stores, expanded 4 high performing stores and closed 3 underperforming stores, bringing the store base to 1,014 in 32 states as of August 1, 2015.

Looking ahead to fiscal 2016, the company lowered its earnings per share to a range of $2.80 to $2.90 from its previous range of $2.95 to $3.04. Analysts expect the company to report fiscal 2016 earnings per share of $2.87.

The company expects comparable store sales to be flat or increase in the low single-digit range, which compares to previous guidance of comparable store sales increasing in the low single-digit range for the year.