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 Foot Locker Inc. stock plummeted 17% in Friday trading after the athletic retailer reported second-quarter earnings and sales that missed expectations. Net income totaled $60 million, or 55 cents per share, down from $88 million, or 75 cents per share, last year. Adjusted EPS of 66 cents missed the 67-cent FactSet consensus. Sales were $1.77 billion, down from $1.78 billion in 2018 and below the $1.82 billion FactSet guidance. Same-store sales increased 0.8%; the FactSet outlook was for 3.2% growth. Foot Locker stock is down 21.2% for the year to date while the S&P 500 index has gained 16.6% for the period.
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Hibbett Sports Inc. stock sank 15.5% after the athletic retailer reported second-quarter sales that missed expectations. Hibbett had a net loss of $8.8 million, or 49 cents per share, after a loss of 1.2 million, or 6 cents per share, the year prior. Adjusted net loss was 13 cents per share, ahead of the 16-cent loss FactSet forecast. Sales of $252.4 million were up from $211.1 million, but below the $256.0 million FactSet guidance. Same-store sales rose 0.3%, below FactSet outlook for 1% growth. One of the factors that impacted the results was a back-to-school shopping shift. "Not only do we continue to see volatility in school start dates, we're also seeing shoppers wait until the very last minute to make their back-to-school purchases, often resulting in peak volume days occurring as close to the school start date as possible," said Jared Briskin, Hibbett's chief merchant, on the earnings call, according to a FactSet transcript. "This volatility did impact our July results negatively but as having a positive impact to August." Hibbett also updated its annual guidance. It now expects same-store sales up 1% to 2% versus previous guidance of up 0.5% to 2%. EPS is now expected to be $1.35 to $1.50, with adjusted EPS of $2.15 to $2.25 compared with previous guidance for $2.00 to $2.15. The FactSet outlook is for same-store sales growth of 2.4% and EPS of $2.11. Hibbett stock is down 51% over the past year while the S&P 500 index is up 0.3% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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