Originally published at www.seclive.com
Hibbett Sports, Inc. (NASDAQ:HIBB) announced its fiscal fourth quarter financial results for the 2013 fiscal year, posting earnings that declined from a year ago. The sporting goods retailer reported sales that increased to $217.8M while same-store sales rose 1.7%, favorably impacted by the holiday season. Earnings fell from $19.4M and $0.73 per share a year ago to $16.9M and $0.64 per share, missing analyst expectations of $0.70 per share. Hibbett projects it will open 75 to 80 new stores with same-store sales rising in the single-digits. The company's gross margin tightened from 36.1% to 35.8% while its operating, selling, and administrative costs increased 7%. CEO Jeff Rosenthal remarked that the company is pleased with its sales during the holiday season, despite adverse weather conditions and less than projected sales from the NCAA national championship game between Florida State University and Auburn University.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.