Hibbett Sports’ Q2 profit surges
Hibbett Sports (Nasdaq: HIBB) said its second-quarter net income was nearly triple its profit a year earlier as its sales surged.
For the quarter ended July 31, it posted net income of $4.0 million, or $0.14 per share, compared with $1.1 million, or $0.04 per share, a year earlier.
Revenue rose almost 14 percent to $139.8 million, up from $123.1 million a year earlier. Same-store sales rose 11.9 percent.
In the second quarter, Hibbett Sports opened 10 stores and closed three, bringing its count to 767 in 24 states in the South, Midwest and Southwest. In the full fiscal year, the company expects to open about 30 new stores, expand about 20 high-performing locations and close 10 to 15 underperforming stores.
Hibbett raised its forecast for full-year earnings to a range of $1.45 to $1.55 per share, saying it expects same-store sales to rise by a percentage in the mid- to high single digits during fiscal 2011’s second half.
Dick’s Q2 net income up 32 percent
Second-quarter net income for Dick’s Sporting Goods (NYSE: DKS) jumped 32 percent as its same-store sales reversed a drop reported in the same quarter last year.
It earned $51.5 million, or $0.43 per share, in the quarter that ended July 31, compared to net income of $38.9 million, or $0.33 per share, in the second quarter of 2009.
Revenue grew 9 percent to $1.23 billion.
Same-store sales climbed 5.6 percent at its Dick’s Sporting Goods locations and 2.9 percent at its Golf Galaxy stores. In contrast, that measure fell 3.2 percent in last year’s second quarter at Dick’s locations and 11.1 percent at Golf Galaxy stores.
Looking ahead, the company expects same-store sales to grow between 4 percent and 5 percent in 2010. It also expects full-year adjusted earnings per share of between $1.46 and $1.49. And, for the third quarter, Dick’s forecasts adjusted earnings per share of between $0.15 and $0.16.
Sears’ Q2 loss narrows by half
Sears Holdings (Nasdaq: SHLD) cut its second-quarter loss by more than half, but weak shopper spending and increased competition led to a revenue decline.
For the three months that ended in late July, the owner of Sears and Kmart lost $39 million, or $0.35 per share, versus last year’s loss of $94 million, or $0.79 per share last year. Excluding one-time adjustments, the current quarter’s loss amounted to $0.19 per share.
The results mark the fourth quarterly loss for the retailer in the past two years.
Revenue slipped slightly to $10.46 billion, down from $10.55 billion last year.
Same-store sales at Kmart declined 1.4 percent, while it fell 2.8 percent at Sears.
Better margins boost Foot Locker’s Q2 profit
Foot Locker (NYSE: FL) reported a profit for its second quarter on stronger margins.
The company said it earned $6 million, or $0.04 per share, for the quarter that ended July 31, up from a break-even quarter last year.
Foot Locker’s revenue dipped less than 1 percent to $1.1 million.
Revenue at stores open at least a year increased 2.5 percent. Excluding the impact of fluctuations in foreign currency, this figure rose 1.3 percent.
The company said its gross profit margin rate grew by 2.3 percentage points as it limited discounts and other promotions.
–Compiled by Wendy Geister
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