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MarketWatch MarketPulseMay 24, 2019
Hibbett shares soar after earnings blow past estimates, guidance raised
Hibbett Sports Inc. shares soared 16.6% in Friday premarket trading after the athletic retailer reported first-quarter earnings that blew past estimates and the company raised its guidance. Net income totaled $27.4 million, or $1.48 per share, up from $21.5 million, or $1.12 per share, last year. Adjusted EPS was $1.61, blowing past the $1.32 Factset consensus. Revenue totaled $343.3 million, up from $274.7 million last year and ahead of the $327.0 million FactSet estimate. Same-store sales rose 5.1% while FactSet expected a 0.7% same-store sales decline. Same-store sales will not include City Gear until the fourth quarter of fiscal 2020. Hibbett announced its acquisition of City Gear, a specialty athletic retailer with 135 stores across 15 states, in October 2018. "We believe our improved web traffic and mobile app, along with continued traction in buy online, pickup in-store, are translating to traffic in our stores and online," said Hibbett Chief Executive Jeff Rosenthal. The company is undergoing a realignment of its stores, with three new stores opened in the quarter, two Hibbett stores rebranded as City Gear shops, one expansion of a "high-performing" Hibbett, and 24 store closures. Hibbett plans to close 95 underperforming stores in fiscal 2020. For the year, Hibbett raised its same-store sales estimate to a 0.5% to 2.0% increase, up from a previous 1% decline to 1% growth. EPS is expected to be $1.70 to $1.85, up from $1.50 to $1.70. Adjusted EPS is now expected to be $2.00 to $2.15, up from $1.80 to $2.00. FactSet is guiding for EPS of $1.90 and same-store sales growth of 0.8%. Hibbett stock has climbed 38.6% for the year to date while the S&P 500 index is up 12.6%.

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