Get access to everything we publish when you sign up for Outside+.
Hibbett’s Q2 profit up 2.1 percent, raises guidance
Second-quarter profit for Hibbett Sports (Nasdaq: HIBB) edged up 2.1 percent as sales of athletic shoes and apparel helped the company post better-than-expected results.
For the three months ending Aug. 2, Hibbett earned $4.8 million, $0.17 per share, compared to $4.7 million, or $0.15 per share, last year.
Revenue climbed 13.9 percent to $130.3 million, up from $114.4 million during the same period last year. Same-store sales rose 5 percent.
Hibbett raised its fiscal year earnings forecast, projecting income between $0.93 and $1.03 for the fiscal year ending Jan. 31, up from a prior forecast of $0.88 to $1 per share. Its latest guidance is based on same-store sales growth of up to 2 percent for the second half of fiscal 2009.
Lower same-store sales rock Dick’s Q2 profit
Dick’s Sporting Goods (NYSE: DKS) said its fiscal second-quarter earnings dropped 5 percent, partly from lower same-store sales.
The company reported net income of $41.1 million, or $0.35 per share, for the quarter ended Aug. 2, compared with $47.9 million, or $0.41 per share in the same quarter last year. Adjusted earnings, which exclude costs related to the integration of Golf Galaxy, were $0.39 per share.
Second-quarter net sales rose 7 percent to $1.09 billion from $1.01 billion in the year-ago quarter. The company attributed the sales increase to the opening of nine new Dick’s stores and the inclusion of Chick’s Sporting Goods results for the quarter.
Net earnings included operating results from Golf Galaxy and Chick’s Sporting Goods. Dick’s acquired Golf Galaxy in February of last year, and Chick’s was acquired in November.
Dick’s same-store sales dropped 3.7 percent for the quarter, while Golf Galaxy same-store sales declined 4.5 percent. Chick’s Sporting Goods was excluded from the same-store calculations, the company said.
For 2008, Dick’s said it anticipates reporting earnings per diluted share of approximately $1.27 to $1.36. Comparable store sales, which include Dick’s Sporting Goods stores only, are expected to decrease approximately 3 percent to 5 percent.
For the third quarter, the company predicts earnings of $0.04 to $0.08 per share.
Shares of Dick’s rose $2.63, or about 15 percent, to close at $20.92 on Aug. 21. The stock has traded between $14.93 and $36.77 over the past year.
Citi analyst Kate McShane reiterated her “Buy” rating on the company. “Despite macro pressures, Dick’s management continues to execute its long-term strategy of double-digit square foot expansion while managing near-term costs and maintaining margins,” McShane wrote in a note to investors. “Despite the run in the stock price today, we think the stock remains cheap and is an attractive entry point for investors.”
Foot Locker swings to Q2 profit
Foot Locker (NYSE: FL) said it swung to a second-quarter profit as it experienced lower-than-anticipated markdowns.
For the three months ending Aug. 2, it earned $18 million, or $0.11 per share, versus a year-ago loss of $18 million, or $0.12 per share.
Revenue rose 1.5 percent to $1.3 billion, up from $1.28 billion last year. Second-quarter comparable-store sales dipped 0.5 percent.
Also, the company narrowed its fiscal-year profit outlook range, maintaining the high end of the forecast saying it is being cautious about how it is managing the business given the uncertain economy.
It expects to earn between $0.70 and $0.85 per share for the fiscal year. It previously said it expected to earn between $0.65 and $0.85 per share. Both estimates exclude a $0.10-per-share impairment charge the company recorded in the first quarter.
For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.outsidebusinessjournal.com/cgi-bin/snews/stock_report.html.