Sporting goods retailer Hibbett Sports, Inc. (HIBB) Friday reported a marginal decline in first-quarter profit, citing a colder weather, which impacted its performance. Earnings per share, as well as revenues increased from last year, while missed analysts' consensus estimates.
Looking ahead, the firm said it is well-positioned for the summer, and back-to-school sales periods. Hibbett also said it is confident in maintaining its full-year guidance as well as accelerating its new store opening goal in fiscal 2014. Jeff Rosenthal, president and chief executive officer of the company stated, "The colder weather clearly affected the performance of some key spring assortments, especially against last year's strong sales performance."
In the first quarter, the company's net income edged down to $26.21 million from $26.36 million in the previous year. On a per share basis, earnings increased 2 percent to $1.00 from $0.98 per share a year ago on lower share count.
On average, 16 analysts polled by Thomson Reuters expected the company to earn $1.07 per share for the quarter. Analysts' estimates typically exclude special items.
Provision for income taxes were $16.18 million, higher than $15.99 million a year earlier.
Net sales for the quarter improved 3 percent to $239.99 million, but came below analysts' estimate of $246.41 million.
Comparable store sales increased 0.8 percent on a calendar basis or comparable 13-week period. Comparable store sales in the first quarter of fiscal 2013 grew 11.1 percent.
Product margin increased 8 basis points as a percentage of net sales, while store occupancy and warehouse expenses increased 18 basis points as a percentage of net sales.
During the first quarter, the company repurchased 99,430 shares of common stock for a total expenditure of $5.4 million.
For the fiscal ending February 1, 2014, the firm still expects to report earnings per share to be in the range of $2.85 to $3.05, as well as an increase in comparable store sales, on a calendar basis, in low to mid-single digit range. The company noted that fiscal 2013 had about $0.07 benefit in earnings per share due to the 53rd week.
Analysts are looking for earnings of $3.03 per share for fiscal 2014.
For the quarter, Hibbett opened 9 new stores, expanded 5 high performing stores and closed 3 under-performing stores. As of May 4, 2013, the firm's store base was 879, up from 835 last year.
For Fiscal 2014, the company expects to open 70 to 75 new stores, expand approximately 18 high performing stores and close 15 to 20 stores.
HIBB closed Thursday's regular trading at $60.38 on the Nasdaq.
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