By Dean Seal
Hibbett’s earnings fell in the first quarter as an increase in promotions dented margins and revenue grew at a lower rate than analysts had been expecting.
The sporting-goods retailer posted a profit of $35.9 million, down from $39.3 million in the same quarter a year ago.
Quarterly earnings fell to $2.74 a share from $2.89 a share last year. Analysts polled by FactSet had been expecting $3 a share.
Sales came in at $455.5 million, up from $424.1 million but below analyst forecasts for $460 million, according to FactSet.
The Birmingham, Ala.-based company said comparable sales, which strip out the effects of store openings and closings, were up 4.1%, with a 4.7% gain at brick-and-mortar location sales and less than 1% growth in its e-commerce channel.
Margins meanwhile were impacted by higher promotional activity across footwear and apparel.
Shares fell 5% to $41.96 in premarket trading.
Write to Dean Seal at [email protected]
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