Hibbett Sports 1Q driven by strong sales
BIRMINGHAM, Ala. Hibbett Sports announced that first quarter net sales increased 9% to $145.8 million compared with $133.8 million for the same period last year. Comparable-store sales increased 0.1%. Net income for the quarter was $9.4 million compared with $10.2 million for the same period last year. Earnings per diluted share was 32 cents per diluted share for the 13-week periods ended May 3 and May 5, 2007.
Mickey Newsome, chairman and ceo, stated, “Strong sales in April led to a slight increase in comparable-store sales for the quarter. Footwear and apparel were both positive, driven by solid performances in all youth categories. Although we remain cautious given the current economic climate, we are pleased to report that the second quarter is currently experiencing mid single digit comp-store sales gains.”
The company is reaffirming its earnings outlook for the fiscal year ended Jan. 31, 2009 at 88 cents to $1.00 per diluted share, based on comparable store sales ranging between 0% to negative 3%.
Target donates $500,000 to China earthquake relief
MINNEAPOLIS Target has donated a total of $500,000 (approximately RMB 3.5 million) to support the earthquake recovery efforts in Central China.
Donations of $250,000 were made to both the Red Cross Society of China to aid in basic relief efforts and to Save the Children to provide assistance to affected areas with a focus on providing emergency education and safe spaces for children.
“We extend our heartfelt sympathies to all the communities affected by the earthquake and our appreciation to all those who are assisting with relief efforts,” said Laysha Ward, vp of community relations for Target.
SECAUCUS, N.J. The Children’s Place Retail Stores reported that first quarter net sales increased 12% to $400.2 million, compared to $356 million. The company said comparable-store sales for the quarter increased 5%, on top of last year’s 2% comparable-store sales increase.
Diluted earnings per share from continuing operations were 66 cents compared to diluted earnings per share from continuing operations of 64 cents last year.
Chuck Crovitz, interim ceo of The Children’s Place Retail Stores, commented, “Our first quarter results show progress toward our goal of returning the Company to its historical level of profitability. During the quarter, we exited the Disney Store business at cash costs that are expected to be at the low end of our previously disclosed range of $50 million to $100 million. In addition, we began the reduction of our cost structure, announced lower capital spending for 2008 and expect our inventory position to be below last year’s level at the end of the second quarter. Further, we continue to be encouraged by the customer response to our summer merchandise and believe that The Children’s Place, as a leading value player in the children’s apparel market, is well-positioned in this difficult economic environment.”