Free Research Report as Hibbett Posted Better than Expected Revenue and Earnings Results
LONDON, UK / ACCESSWIRE / January 02, 2018 / Active-Investors.com has just released a free earnings report on Hibbett Sports, Inc. (NASDAQ: HIBB). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HIBB. Hibbett Sports reported its third quarter fiscal 2018 operating results on November 17, 2017. The sporting goods retailer's revenue grew on a y-o-y basis, while it raised its earnings guidance for fiscal 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Hibbett Sports most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=HIBB
Earnings Highlights and Summary
Hibbett's net sales for the 13-week period ended October 28, 2017, increased 0.4% to $237.8 million compared to $237.0 million for the 13-week period ended October 29, 2016. The Company's comparable store sales decreased 1.3%. Hibbett's reported numbers topped analysts' estimates of $217.6 million.
For Q3 FY18, Hibbett's gross margin was 32.0% of net sales compared to 35.4% for Q3 FY17. The decrease was mainly due to promotions and markdowns taken to improve the Company's inventory position. As a result, inventory turns improved significantly compared to the same period last year, and inventory levels declined 9.2%.
Hibbett's store operating, selling, and administrative expenses were 24.4% of net sales for Q3 FY18 compared to 23.6% of net sales for Q3 FY17. The increase was mainly due to marketing and operational expenses associated with launching the e-commerce business. The Company's logistics and store occupancy expenses decreased 3.2% in the reported quarter and decreased 38 basis points as a percent of sales, primarily due to efficiencies gained in store occupancy due to leverage from ecommerce sales and improved productivity of Hibbett's store base.
For Q3 FY18, Hibbett posted net income of $7.6 million compared to net income of $14.6 million for Q3 FY17. The Company's earnings per diluted share was $0.37 for the reported quarter compared to earnings per diluted share of $0.66 for the year earlier corresponding quarter. Hibbett's earnings beat Wall Street's estimates of $0.21 per share.
Store Update
During Q3 FY18, Hibbett opened 13 new stores, expanded 1 high-performing store and closed 11 underperforming stores, bringing the store base to 1,082 in 35 states as of October 28, 2017.
Liquidity and Stock Repurchases
Hibbett ended Q3 FY18 with $58.3 million of available cash and cash equivalents on the consolidated balance sheet, no bank debt outstanding, and full availability under its $80.0 million unsecured credit facilities.
During the reported quarter, the Company repurchased 1.2 million shares of common stock for a total expenditure of $15.9 million. Approximately $213.4 million of the total authorization remained for future stock repurchases as of October 28, 2017.
Fiscal 2018 Outlook
Hibbett updated its guidance for fiscal 2018. For FY18, Hibbett is forecasting earnings per diluted share in the range of $1.42 to $1.50 compared to the previous guidance of $1.25 to $1.35. The Company is estimating comparable store sales in the negative mid-single-digit range compared to the previous guidance in the negative mid to high single-digit range.
Stock Performance Snapshot
December 29, 2018 - At Friday's closing bell, Hibbett Sports' stock slightly fell 0.49%, ending the trading session at $20.40.
Volume traded for the day: 633.17 thousand shares.
Stock performance in the last month – up 3.03%; and previous three-month period – up 43.16%
After last Friday's close, Hibbett Sports' market cap was at $391.27 million.
Price to Earnings (P/E) ratio was at 11.74.
The stock is part of the Services sector, categorized under the Sporting Goods Stores industry.
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