- Hibbett Sports (NASDAQ:HIBB +5.4%) reports comparable-store sales fell 2.2% in Q4.
- Gross margin rate slipped 180 bps to 33% due to markdowns taken to reduce inventory, a negative effect of product mix due to higher footwear sales, and de-leverage of logistics and store occupancy expenses associated with lower comparable store sales.
- Store operating, selling, and administrative expenses rate grew 140 bps to 23.8%.
- Operating margin rate down 350 bps to 7.7%.
- Store count +34 Y/Y to 1,078.
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FY2018 Guidance: Comparable-store sales: Low-single digit range growth; Gross margin: relatively flat; Diluted EPS: $2.65 to $2.85; Capex: ~$25M to $30M; New stores: ~50 to 60.