Hibbett Shares Rally On Better-than-expected Q2 Earnings

Shares of Hibbett, Inc. (HIBB), an athletic-inspired fashion retailer, are rising more than 20% Friday morning after reporting second-quarter earnings above analysts’ view.

The company reported net income of $10.9 million or $0.85 per share for the second quarter, lower than $24.71 million or $1.86 per share in the same quarter a year ago, but beat the average estimate of analysts polled by Thomson-Reuters of $0.73 per share.

Net sales for the quarter decreased 4.6% to $374.88 million from $392.81 million last year. The consensus estimate was for $376.11 million.

For the full year, the company expects sales to be flat to 2% up from last year. EPS for the year is expected in the range of
$7.00 to $7.75. Analysts expect the company to report earnings of $7.18 per share on revenue growth of 0.3% for the year.

HIBB, currently at $44.45, has traded in the range of $34.86 – $75.38 in the last 1 year.

Source: Read Full Article