Hibbett Sports Q3 Profit Down, But Results Beat Estimates; Narrows FY EPS View

(RTTNews) - Sporting goods retailer Hibbett Sports, Inc. (HIBB) reported that net income for the third-quarter ended November 2, 2013 decreased 9.0% to $17.3 million from $19.0 million for the 13-week period ended October 27, 2012.

Earnings per share decreased 7.0% to $0.66 from $0.71 last year. The week shift associated with the fiscal calendar resulted in an approximate $0.11 reduction in earnings per share for the period ended November 2, 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the 13-week period ended November 2, 2013 increased 2.5% to $208.0 million compared with $202.9 million for the 13-week period ended October 27, 2012. Twelve analysts estimated revenues of $207.72 million for the quarter.

Comparable store sales increased 4.8% on a calendar basis (comparable 13-week period). The 53rd week last year resulted in a calendar shift and as a result, revenue was approximately $14 million or 7.1% lower in the third quarter compared to the reported period last year.

The company narrowed its guidance for the 52 weeks ending February 1, 2014, to earnings per diluted share in the range of $2.68 to $2.77, and an increase in comparable store sales, on a calendar basis, in the low single-digit range. This compared to previous guidance of earnings per share in the range of $2.65 to $2.77, and an increase in comparable store sales, on a calendar basis, in the low single-digit range.

Analysts project annual earnings per share of $2.76.

The company note that Fiscal 2013 had an approximate $0.07 benefit in earnings per share due to the 53rd week.