Hibbett 3Q Profit Slips as Overhead Rises
Birmingham, Ala. Hibbett Sports Inc. said Thursday its third-quarter profit fell 2% despite a pickup in sales, as overhead and other costs rose at the sporting-goods retailer.
Hibbett said it earned $7.7 million ended Nov. 1, compared with $7.8 million a year earlier.
Sales increased 8% to $140.1 million—while analysts forecast $144.5 million—and same-store sales at locations open at least a year edged up 0.4%.
But store operating, selling and administrative expensive climbed to $31.1 million from $26.9 million, and depreciation and amortization costs also increased.
Hibbett opened 22 new stores and closed 8 stores in the quarter, leaving it with 726 stores in 24 states on Nov. 1.
For the next fiscal year, the company plans to open 75 to 79 new stores and close 12.
Chairman and chief executive Mickey Newsome said he was pleased with the results in a challenging retail environment.
Barnes & Noble posts 3Q loss, lowers outlook
NEW YORK Barnes & Noble reported sales for the third quarter of $1.1 billion, a 4.4% decrease compared to the prior year. Barnes & Noble store sales decreased 4.4% to $971 million, with comparable-store sales decreasing 7.4% for the quarter.
The third quarter net loss was $18.4 million or 34 cents per share.
“A significant drop off in customer traffic and consumer spending impacted our business in the third quarter,” said Steve Riggio, ceo of Barnes & Noble. “In a challenging environment with a comparable-store sales decline of 4.6% this year, the company has aggressively managed expenses to operate profitably. Furthermore, the company is taking measures to reduce expenses for the balance of this year and next.”
For the fourth quarter, the company expects comparable-store sales at Barnes & Noble stores to decline 6% to 9%. Fourth quarter earnings per share is expected to be in a range of $1.40 to $1.70. For the full year, the company now expects comparable-store sales at Barnes & Noble stores to decline 5% to 6%. Full year earnings per share is expected to be in a range of $1.30 to $1.60, compared to previous guidance of $1.70 to $1.90.
Dollar General pushes back Thanksgiving sales
GOODLETTSVILLE, Tenn. Dollar General announced that it will offer holiday deals a full weak ahead of the traditional Thanksgiving holiday shopping weekend.
Starting the Sunday before Thanksgiving, customers will find special savings on items such as DVD players, holiday decorations and gaming systems.
Promotions will continue during the Thanksgiving weekend with deals on cell phones, jeans and MP3 players.