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Hibbett Sports beat estimates in Q4

Mar. 16, 2018 6:58 AM ETHibbett, Inc. (HIBB) StockBy: Niloofer Shaikh, SA News Editor
  • Hibbett Sports (NASDAQ:NASDAQ:HIBB) reports comparable-store sales rose 1.6% in Q4.
  • E-commerce sales comprised of 7.6% of total sales.
  • Gross margin rate squeezed 150 bps to 31.5%, mainly due to promotions and markdowns taken to improve inventory position, and a $0.9M one-time charge to establish a reserve against the Company’s Team Division inventory as a result of selling the business.
  • Store operating, selling, and administrative expenses rate flat Y/Y at 23.2%.
  • Store count +1 Y/Y to 1,079.
  • Jeff Rosenthal, President and Chief Executive Officer, stated, “We continue to expand our customer base by connecting with more and more customers through e-commerce and selective new store growth. Ease of shopping continues to improve across both channels, and we are expanding our assortment every day to better serve our customers. We will continue to place a significant focus on omni-channel in Fiscal 2019, which will bring exciting new functionality to improve the shopping experience and to help us improve the long-term profitability of the business.”
  • The company expects to open ~30 to 35 new store with approximately 55 to 60 store closuresin FY19.
  • FY2019 Guidance: Comparable-store sales: -1% to +2%; Gross margin: +70 bps to +100 bps; SG&A expense: +6% to +8%; Diluted EPS: $1.65 to $1.95; Capex: ~20M to $25M; Share buyback: ~$40M to $50M.

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