Hibbett Sports, Inc. cut its fourth-quarter earnings guidance after saying sales slowed in the latter half of January. It now expects fourth-quarter earnings between 42 cents to 44 cents a share. It had raised its guidance in November to 47 cents to 50 cents a share.
Net sales for the 13-week period ended Jan. 29, 2011, increased 4.0% to $173.5 million compared with $166.8 million for the 13-week period ended January 30, 2010. Comparable store sales increased 1.3% for the quarter.
Net sales for fiscal 2011 increased 12.1% to $665.3 million compared with $593.5 million for fiscal 2010. Comparable store sales increased 9.8% for fiscal 2011. The new earnings guidance equates to approximately $1.58 to $1.60 per diluted share for fiscal 2011.
Jeff Rosenthal, president and chief executive officer, stated, “After a strong start to the quarter, we were disappointed with comparable store sales in the latter half of January. Factors affecting our sales performance include a delay in income tax rapid refunds and inclement weather issues throughout many of our markets. Overall, fiscal 2011 is on track to be a record year for earnings per share and we exceeded our new store growth expectations.”
Hibbett will report full results for the fourth quarter and fiscal 2011 on March 11, 2011.
