Hibbett Sales Still Soft in Q3 But Sees Signs of Improvement in Q4
Net income fell 80% to $1,499,000 from $7,564,000 for the 13 weeks ended Nov. 3 on a 9% shortfall in sales to $216,888,000 from $237,834,000 that was affected by a $17.3 million hit from the calendar shift and $2.4 million from the sale of the team business. In a 3.3% decline in square footage, HIBB had a comp store sales increase of 0.1% this year against a 1.3% decline the prior year. The results also included $1.5 million in one-time costs related to the City Gear acquisition. The results were slightly below forecasts and the stock eased 1%, even as ... Log in to view full article.