Hibbett Sports Q2 Profit Tops View, But Revenues Miss; Cuts FY EPS View

(RTTNews) - Hibbett Sports, Inc. (HIBB), a sporting goods retailer, reported that its second quarter net income increased 33.5% to $10.5 million from $7.9 million in the same quarter last year. Earnings per share grew 33.3% to $0.40 from last year's $0.30. Analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter improved 12.6% to $186.2 million from $165.4 million in the prior year quarter. Twelve analysts had consensus revenue estimate of $186.32 million for the quarter. Comparable store sales increased 0.3% on a calendar basis or comparable 13-week period.

Second quarter Fiscal 2013 comparable store sales increased 4.8%. The week shift associated with the fiscal calendar (due to the 53rd week last year) resulted in approximately $12 million of sales benefit in the second quarter.

Citing recent trends and on-going uncertainties in the economic environment, the company revised its guidance for the 52 weeks ending February 1, 2014, to 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. This compared to previous guidance of earnings per share in the range of $2.85 to $3.05, and an increase in comparable store sales, on a calendar basis, in the low to mid single-digit range.

Analysts expect the company to report earnings of $2.94 per share and revenues of $867.81 million for fiscal year.