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Hibbett cuts Q4 guidance on lower sales expectations
With lower-than-expected, same-store sales on the horizon, Hibbett Sports (Nasdaq: HIBB) said in a preliminary report it is cuttings its fourth-quarter earnings guidance.
Rrevenue figures at stores open at least a year rose 1.3 percent during the final three months of the year.
“After a strong start to the quarter, we were disappointed with comparable store sales in the latter half of January,” Jeff Rosenthal, president and CEO, said in a statement. “Factors affecting our sales performance include a delay in income tax rapid refunds and inclement weather issues throughout many of our markets.”
He added, “Overall, fiscal 2011 is on track to be a record year for earnings per share and we exceeded our new store growth expectations.”
The company backed off earlier predictions of earnings between $0.47 and $0.50 per share, saying it now expects $0.42 to $0.44 per share.
The change to the fourth-quarter outlook means Hibbett’s full-year earnings are now likely to come in between approximately $1.58 and $1.60 per share. Its prior forecast was in a range of $1.63 to $1.66 per share.
For the full year, Hibbett reported revenue climbed 12.1 percent to $665.3 million. Revenue at stores open at least a year increased 9.8 percent.
The company will report its fourth-quarter and fiscal 2011 results on March 11.
GSI Commerce’s Q4 earnings dragged down by costs
GSI Commerce (Nasdaq: GSIC) said its net income fell 32 percent in the last three months of the year as higher costs offset revenue growth.
For the quarter ended Jan. 1, the company earned $15.9 million, or $0.23 a share, down from $23.6 million, or $0.38 a share, in the same period a year earlier.
Revenue rose 25 percent in the fourth quarter to $537 million from $430.2 million a year earlier. But costs rose to nearly half a billion dollars from $383.3 million. The company said the latest period included an $88.3 million charge related to Rue La La and its international retail operations, partly offset by a $67.2 million accounting gain.
For full-year 2010, revenue jumped 35 percent to $1.36 billion from $1 billion. The company’s loss for the year more than tripled, to $36.5 million, or $0.57 a share, from $11 million, or $0.21 a share.
Looking ahead, GSI is forecasting first-quarter revenue of $310 million and 2011 revenue of about $1.8 billion.
–Compiled by Wendy Geister
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