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Hibbett Sports Raises FY20 Profit View - Quick Facts

Hibbett Sports Inc. (HIBB) raised earnings per share outlook for fiscal 2020 to a range of $1.70 - $1.85 from the prior estimation of $1.50 - $1.70 per share. It also increased its annual earnings per share, excluding non-recurring items, guidance to a range of $2.00 - $2.15 from the prior outlook of $1.80 - $2.00. Analysts polled by Thomson Reuters expect the company to report earnings of $1.89 per share for fiscal year 2020. Analysts' estimates typically exclude special items.

The company now expects annual comparable store sales growth to be 0.5 percent to 2.0 percent, compared to the prior outlook of negative 1.0 percent to positive 1.0 percent.

As previously indicated, the company is proceeding with the closing of approximately 95 Hibbett stores in Fiscal 2020, which is expected to result in non-recurring impairment and store closure charges in the range of $0.15 to $0.20 per share in Fiscal 2020.

Comparable store sales for the first-quarter increased 5.1%. Comparable store sales will not include sales from City Gear until the fourth quarter of Fiscal 2020. E-commerce sales represented 8.3% of total sales for the first quarter.

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