Published
Aug 19, 2016
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Hibbett Sports Q2 results show growth

Published
Aug 19, 2016

Alabama-based specialty retailer Hibbett Sports has released its Q2 2017 results showing growth and improvement over last year.


Key points from the earnings report include a 4% earnings per share increase over last year to $0.29 per diluted share, as well as net sales increasing 3.9% over last year to $206.9 million for the same 13 week period.

Store sales also increased 0.8% over last year which was positive in light of the company's expectation that Q2 would flatline.

Jeff Rosenthal, President and Chief Executive Officer, stated, "We were pleased with our overall results and are encouraged by the progress on our major initiatives. Footwear continues to show significant strength, driven by our differentiated assortment and continued improvement in allocation and in-stock position."

Rosenthal further commented, "We also continue to see improvement in our merchandise margin rate, driven by improved systems and promotional management. Looking forward, we feel we are well positioned for our back-to-school season with our product assortments and early deliveries of merchandise for this important period."

Hibbett opened 14 new locations in Q2, as well as expanded one high performing location. It closed 8 low performing locations in the quarter, bringing its brick and mortar operations to 1,059 in 33 states as of July 30, 2016.

The company's primary retail store format is Hibbett Sports, a 5,000-square-foot store located in strip centers and enclosed malls throughout the South, Southwest, Midwest, and Mid-Atlantic regions.

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