You win some, you lose some.
A year ago, Hibbett Sports (Nasdaq: HIBB) was sitting pretty among its fellow outdoor, fitness and sporting goods retailers, reporting strong first-quarter sales in the face of a weak winter due to its concentration on warmer-weather endurance goods.
Fast-forward to this year, where winter weather lasted well into spring throughout much of the country, and Hibbett’s now toward the back of the pack, reporting just a 0.8 percent uptick in same-store sales for the first quarter.
Total sales, including nine store openings, five expansions and three closings, increased 3 percent to $240 million, although net income dipped slightly to $26.2 million, versus $26.4 million a year ago.
“The colder weather clearly affected the performance of some key spring assortments, especially against last year’s strong sales performance,” Hibbett President and CEO Jeff Rosenthal told investors. SNEWS had hinted of a potential slowdown a quarter ago.
Still, however small of an increase this quarter, the rise in same-store sales marked the 14th consecutive quarter of increases for Hibbett. And officials remained optimistic for the summer as warmer weather has arrived. They maintained their full-year guidance of same-store sale increases in the mid-single digit percentage range and a store-growth plan to add 70 to 75 new stores.
Sport Chalet same-store sales rise
On the flip side, Sport Chalet (Nasdaq: SPCHA) reported a 6.8 percent increase in same-store sales for its latest quarter.
Sport Chalet and fellow outdoor and fitness retailer Big 5 Sporting Goods (which reported results earlier this month) both benefitted from this year’s cool spring to help clear leftover winter inventory.
Total sales at Sport Chalet, including a 20 percent increase in online sales, rose 7.2 percent to $87.8 million, while the retailer’s net loss narrowed to $2.3 million, versus a net loss of $3.8 million a year ago.
Sport Chalet officials did not issue guidance, but sounded an optimistic note, saying the company had turned the corner in the past year and would benefit moving ahead from new online and in-store initiatives.
Dick’s Sporting Goods same-store sales decline
As we reported last quarter, Dick’s Sporting Goods (NYSE: DKS) hit a bit of bump in road when it tried to predict the weather, stocking up on warmer-weather items right at the time when spring turned cold.
The bad timing, along with a decline in its Golf Galaxy business due to the cooler weather, continued to hurt the outdoor and fitness retailer in this latest quarter, sending same-store sales down 1.7 percent (comprising a 1.3 percent decrease at Dick’s and a 7.4 percent decrease at Golf Galaxy).
Total sales, including two new Dick’s Sporting Goods locations, increase 4.1 percent to $1.3 billion in the first quarter. Quarterly net income rose to $60.5 million, versus $57.2 million a year ago.
Despite the rough spring, officials maintained their full-year 2013 guidance for Dick’s Sporting Goods same-store sales to rise between 2 and 3 percent.