Home / Knowledge / News / Fashion / Hibbett Sports reaffirms its earnings outlook for Q1 2009

Hibbett Sports reaffirms its earnings outlook for Q1 2009

May '08
Hibbett Sports Inc, a sporting goods retailer, announced results for the first quarter ended May 3, 2008.

Financial Highlights:
Net sales for the 13-week period ended May 3, 2008, increased 9.0% to $145.8 million compared with $133.8 million for the 13-week period ended May 5, 2007. Comparable store sales increased 0.1%.

Net income for the 13-week period ended May 3, 2008, was $9.4 million compared with $10.2 million for the 13-week period ended May 5, 2007. Earnings per diluted share was $0.32 per diluted share for the 13-week periods ended May 3, 2008 and May 5, 2007.

Mickey Newsome, Chairman and Chief Executive Officer, stated, "Strong sales in April led to a slight increase in comparable store sales for the quarter. Footwear and apparel were both positive, driven by solid performances in all youth categories. Although we remain cautious given the current economic climate, we are pleased to report that the second quarter is currently experiencing mid single digit comp store sales gains."

For the quarter, Hibbett opened 14 new stores and closed 3 stores, bringing the store base to 699 in 23 states as of May 3, 2008. The Company plans to open 80 to 90 stores and possibly close 8 to 12 stores in fiscal 2009.

Fiscal 2009 Outlook:
The Company is reaffirming its earnings outlook for the fiscal year ended January 31, 2009 at $0.88 to $1.00 per diluted share, based on comparable store sales ranging between 0% to negative 3%.

Stock Repurchase:
During the first quarter, the Company repurchased 1,038,700 shares of common stock for a total investment of $16.9 million, bringing the total shares repurchased since the inception of the program in August 2004 to 7,761,813 shares for a total investment of $166.9 million. Approximately $83.1 million of the total authorization remains for future stock repurchases.

Hibbett Sports Inc

Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 4th Aug 2020

EVFTA fabric origin rule a challenge for Vietnamese firms

Despite the European Union (EU)-Vietnam Free Trade Agreement (EVFTA), ...

Pic: Tailored Brands

Retail | On 4th Aug 2020

Tailored Brands files voluntary bankruptcy petitions

US retail holding firm Tailored Brands and certain of its...

Pic: Chico's FAS

Apparel/Garments | On 4th Aug 2020

Chico's FAS Canada files for bankruptcy, to close stores

Chico's FAS Canada, a subsidiary of US women's clothing and...

Interviews View All

Headhonchos, Indian textile value chain

Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Hannah Lane, Redress

Hannah Lane

Encouragement from brands will motivate supply chains to become more...

Textile Industry, Head honchos

Textile Industry
Head honchos

Consumer sentiment will be conservative after lockdown

Suresh P Bagrecha,

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Simon Daplyn,

Simon Daplyn

Switzerland-based Sensient Imaging Technologies is a pioneer with a global ...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Pierre Wiertz, EDANA

Pierre Wiertz

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Pranav Mishra, Huemn

Pranav Mishra

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Anjali Bhaskar, Samatvam

Anjali Bhaskar

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search