Hibbett Sports profit drops 21% amid higher costs

Birmingham, Ala. -- Hibbett Sports profit in the second quarter declined 21% amid higher store operating, selling and administrative expenses. Net income for the 13-week period ended August 2, 2014, was $8.4 million compared with $10.5 million for the 13-week period ended August 3, 2013
  
Net sales for the quarter increased 4.1% to $193.9 million compared with $186.2 million for the 13-week period ended August 3, 2013. Same-store sales edged up 0.1%.
  
“Comparable store sales were softer than expected for the quarter, but we are encouraged by the improvement in traffic in early August,” said Jeff Rosenthal, president and CEO. “In addition, we are on pace to achieve our goal of 75 to 80 new stores this year, and continue to be pleased with new store performance. Our new wholesale and logistics facility continues to show significant productivity gains, and we look forward to the benefits this facility will provide.”

 

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