Hibbett Sports, Inc. expects to report a fiscal second quarter comparable store sales increase of 2.6% on a fiscal basis compared with last year and a decrease of 5.6% on a comparable store, comparable week basis. Earnings per diluted share for the fiscal second quarter is expected to be approximately 14 cents to 17 cents compared with 12 cents in the prior-year period. The Company opened a net of 14 stores during the second quarter, bringing the chain to 634 stores.
The Company had previously expected to report earnings per diluted share of 20 cents to 24 cents for the second quarter with a fiscal comparable store sales increase in the high single digits and flat to up 2% on a comparable store, comparable week basis.
The Company plans to provide updated guidance for fiscal 2008, as well as its guidance for the third quarter, when it reports complete results for the second quarter on August 23, 2007, with its regularly scheduled conference call to follow at 10:00 am ET on August 24, 2007.
Mickey Newsome, Chairman and Chief Executive Officer, stated, “A continued sales downtrend in our urban stores and an overall softness in consumer shopping patterns have led us to readjust our expectations for the second quarter. Strong results in branded apparel and accessories were offset by weakness in pro-licensed merchandise and the lack of compelling footwear product to energize our consumer. Although the very preliminary read on third quarter trends have improved and much is left to unfold for the quarter, we remain confident that the strength of our concept will keep us well-positioned for any challenges and opportunities during the balance of the year.”
