Hibbett Sports profit leaps 34% in Q2, cuts view

New York -- Hibbett Sports reported that profit surged 34% to $10.5 million in the second quarter, compared with $7.9 million last year and just edging Wall Street expectations.

Sales matched forecasts with a 13% rise to $186.2 million. Same-store sales edged up 0.3%.

But the sporting goods retailer lowered its full-year outlook, citing concern over consumer spending.

“We delivered a solid increase in earnings for the second quarter. Comparable store sales were softer than planned due to a challenging economic environment,” said Jeff Rosenthal, CEO. “However, we are encouraged by a strong start to the third quarter.”

For fiscal 2014, the company plans to open between 70 and 75 stores, expand 18 and close 15 to 20.

 

 

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