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Hibbett Sports Updates Full Year Guidance

Hibbett Sports Inc. (HIBB) updated its full year guidance for Fiscal 2019.
The company now expects annual earnings per share to be in the range of $1.35 to $1.48, which includes $0.17 to $0.20 per share for non-recurring costs associated with the acquisition of City Gear. Excluding the acquisition costs, non-GAAP earnings per share are expected to be in the range of $1.55 to $1.65, which compares with previous guidance of $1.57 to $1.75. Analysts polled by Thomson Reuters expect the company to report earnings of $1.63 per share for fiscal year 2019. Analysts' estimates typically exclude special items.

It projects comparable sales in the range of flat to 1.0%, which compares with previous guidance in the range of -1.0% to 1.0%.

The company expects approximately 30 new store openings and 82 store closures, which includes 2 closures due to hurricane impact and 25 anticipated closures in the fourth quarter. This compares with previous guidance of approximately 30 to 35 new store openings and approximately 55 to 60 store closures.

The company anticipates share buyback of approximately $18.0 million to $23.0 million, which compares with previous guidance of approximately $40.0 million to $50.0 million.

Comparable sales for the 13-week period ended November 3, 2018 increased 0.1%. E-commerce sales increased 62.2%, and represented 8.8% of total net sales for the third quarter.

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