Hibbett Sports play on with a 15% jump in profit

Shares of sporting goods store Hibbett Sports (HIBB) fell more than 15% during the pre-market trading after the company failed to meet the consensus earnings estimate during the quarter. The company posted a 15% jump in its first-quarter earnings to $1.12 a share. It still missed the analysts’ estimate of $1.15 a share.

Revenue during the quarter fell marginally by 0.4% to $274.7 million compared with $275.7 million during the prior year period. Analysts’ estimated revenues of $277.35 million. Comparable store sales decreased 0.3%.  E-commerce sales continued to perform well as it represented 7% of total sales for the first quarter.

“Additionally, we continue to make good progress on our Buy Online, Pick up in Store and Reserve in Store capabilities, and plan to launch this functionality ahead of the holiday season. As we start the second quarter, we believe we are well positioned with fresh assortments and easier comparisons as we prepare for the back-to-school season,” said Jeff Rosenthal.

During the quarter, Hibbett opened seven new stores, expanded four stores and closed 18 underperforming stores. This brings the total store count to 1,068 in 35 states as of May 5, 2018.

For fiscal 2019, the Birmingham-based retailer is maintaining its guidance, with earnings in the range of $1.65 to $1.95 per diluted share.