• Q2 net profit up 33.5% to US$10.5m
  • Net sales up 12.6% to $186.2m
  • But downgrades FY earnings guidance

Retailer Hibbett Sports posted a 33.5% increase in net second quarter profit, but lowered its full-year revenue and earnings guidance.

The reduced forecast came despite a double-digit revenue increase in the three months to 3 August, and a 0.3% increase in comparable store sales on a calendar basis.

The US company now expects full-year earnings per share to be $2.65-2.77, with comps up in the low single digits, compared to its previous forecasts of earnings per share of $2.85-3.05 and comps up in the low to mid single digits.

Hibbett Sports president and CEO Jeff Rosenthal described the company’s second quarter performance as “solid” and added: “Comparable store sales were softer than planned due to a challenging economic environment; however, we are encouraged by a strong start to the third quarter.

“New store performance continues to be strong and we remain confident with the pace of new store openings.”