US: Hibbett Q2 profit up 34% after “solid” trading
- 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.”
- Under Armour Lighthouse will disrupt production
- Will new Vietnam wage hinder competitiveness?
- How TAL Apparel is staying ahead of the game
- Ethiopia violence undermines sourcing strategies
- Where next for retailers in a saturated market?
- Marks & Spencer top for modern slavery reporting
- Bangladesh garment workers rally for higher wages
- MAS Holdings shares commitment to sustainability
- H&M CEO named sustainability leader
- Gap to shutter all UK Banana Republic stores
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020