United States  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Hibbett Sports soars after zipping past Street's fiscal 4Q forecasts

Proactive Investors Friday, 22 March 2019
Shares of Hibbett Sports Inc (NASDAQ:HIBB) popped in Friday’s pre-market session after the sporting goods supplier zipped past the Street’s forecasts for its fiscal fourth quarter and provided rosy guidance projections for next year. In other news, the retailer’s CEO Jeff Rosenthal is set to retire as soon as his successor is found. Investors applauded the results, sending Hibbett shares up 25% to $22.59 before the opening bell. In the three months until February 2, the Birmingham, Alabama retailer posted net income of $6.6 million, or $0.36 per share, which fell from $9.7 million, or $0.51 per share in the year-ago period. Its adjusted earnings came in at $0.57 per share, whizzing past the consensus of $0.39. Its revenue, meanwhile, jumped to $306 million, up from $266.7 million in the year-ago quarter and ahead of the $282.85 million called for by analysts.  READ: Hibbett Sports misses in 2Q report, as shares tumble almost 20% Same-store sales also impressed investors as they rose 3.8% in the quarter, overcoming analysts’ projections that they would be flat. Looking ahead, Hibbett intends to push ahead in e-commerce, which boosted its latest quarter, and shut 95 Hibbett stores in fiscal 2020 while opening 10 to 15 new Hibbett and CityGear stores. The shutting of stores will trigger a store closure charge of $0.15 to $0.20 in fiscal 2020. ""Our omni-channel initiative continues to deliver strong results, with online sales increasing 60% to 10.6% of total sales in the quarter," said Rosenthal, the outgoing CEO in a statement. "Our omni-channel initiative continues to deliver strong results, with online sales increasing 60% to 10.6% of total sales in the quarter. We are seeing significant improvement in web traffic and good traction with Buy Online, Pickup in Store (BOPIS) and improvements to our mobile app.“ The retailer is expecting earnings per share in fiscal 2020 of $1.80 to $2.00, which is ahead of analysts’ projections. It is also forecasting same-store sales in the range of -1.0% to 1.0%. Contact Ellen Kelleher at ellen@proactiveinvestors.com
0
shares
ShareTweetSavePostSend
 

Other recent news and videos in Championship: Birmingham City

Championship: Birmingham City News
McLeish sacked by Scotland after just 14 months in second spell as boss
Popular Birmingham restaurant to relocate to Avondale this fall
 
Monk: Good point for us [Video]Monk: Good point for us

Birmingham's manager Gary Monk reflects on a 1-1 draw to Sheffield United.

Credit: Sky Sports UK     Duration: 02:09Published

Morrison: We were resolute [Video]Morrison: We were resolute

Birmingham's Michael Morrison believed his team have done enough to remain in the Championship.

Credit: Sky Sports UK     Duration: 01:54Published


Recent related videos from verified sources

Jim Cramer on Nike, Boeing, Uber, Pinterest and His Tweets to Elon Musk [Video]Jim Cramer on Nike, Boeing, Uber, Pinterest and His Tweets to Elon Musk

Happy Fri-yay! Nike's Earnings Nike declined in trading Friday after the athletic apparel giant posted weaker-than-expected fiscal third-quarter sales in North America and noted that a stronger dollar..

Credit: The Street     Duration: 08:50Published

You Might Like


Other recent news in Business

Golf was making a comeback even before TIGER WOODS won the Masters. Here's one way investors can capitalize. (ELY)With Interest: The Week in BUSINESS: Pinterest Provides I.P.O. Inspiration and Tesla Shows Off Self-Driving Cars
British cyber expert PLEADS GUILTY to creating malwareClimate protesters march in LONDON again; arrests hit 710
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.