Sporting goods retailer Hibbett Q1 earnings gain 5.5%
25 May '07
3 min read
"Through the first nine weeks of the quarter, the Company was slightly above its earnings per share forecast. A very difficult retail environment in the month of April prevented us from maintaining that earnings pace and led to earnings at the lower end of our guidance for the first quarter of fiscal 2008. Positive sales results in technical apparel, youth products and team sports equipment offset some softness experienced in our urban enclosed mall stores."
For the second quarter ending August 4, 2007, the Company expects to report earnings per diluted share of $0.20 to $0.24 with a comparable store sales increase in the high single digits. The Company maintained its EPS guidance for the 52-week period ending February 2, 2008 of $1.30 to $1.35 per diluted share.
During the first quarter, the Company repurchased 338,000 shares of common stock for a total expenditure of $9.9 million, bringing the total shares repurchased since the inception of the program in August 2004 to 4.6 million shares for a total expenditure of $107.2 million.
After considering past stock repurchases, $42.8 million of the total authorization remained for future stock repurchases at the end of the first quarter of fiscal 2008.
Hibbett Sports Inc will conduct a conference call at 10:00 a.m. ET on May 25, 2007, to discuss the first quarter results.
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