Q2 profit for Hibbett Sports plummets 77 percent
Hibbett Sports (Nasdaq: HIBB) said second-quarter profit fell 77 percent on lower sales compared with a year ago, hurt by the absence of stimulus checks and shift of tax-free holidays.
Net income was $1.1 million, or $0.04 per share, compared with $4.8 million, or $0.17 per share, a year ago.
Sales fell 6 percent to $123.1 million from $130.3 million.
"The quarter was more difficult than we expected. The lack of stimulus checks versus second quarter one year ago and the shift of tax-free holidays from the second quarter last year into the third quarter this year all factored into our results," said Mickey Newsome, chairman and CEO, in a statement. "Most merchandise categories were close to plan with the exception of footwear, which significantly underperformed against our plan and negatively influenced product margins."
The company lowered guidance for the fiscal year to a range of $0.85 to $0.95 from the previous $1.03 to $1.17 per share. It added that it expects same-store sales in the second half of the year to be between down 4 percent to break-even.
Dick's Sporting Goods' Q2 earnings dip
Dick's Sporting Goods (NYSE: DKS) said its second-quarter profit dipped 2.5 percent, while sales were boosted 4 percent by the opening of new stores and e-commerce sales.
Earnings fell to $38.9 million, or $0.33 per share, compared with $40 million, or $0.34 per share, a year earlier.
Revenue was $1.13 billion versus $1.09 billion last year.
The company said sales were boosted by the opening of new stores and the addition of e-commerce sales, and were partially offset by a 4.1-percent decrease in comparable store sales. The decline in same-store sales consisted of a 3.2-percent decrease in Dick's Sporting Goods stores and an 11.1-percent decline in the Golf Galaxy stores.
In the second quarter, the company opened four Dick's Sporting Goods stores and converted the remaining Chick's Sporting Goods stores to Dick's Sporting Goods stores. As of Aug. 1, the company operated 409 Dick's Sporting Goods stores in 40 states.
Looking ahead, Dick's Sporting Goods anticipates reporting non-GAAP consolidated earnings per diluted share of approximately $1.02 to 1.07 for the full year. On a GAAP basis, the company is anticipating reporting consolidated earnings per diluted share of approximately $0.97 to $1.02. Comparable store sales are expected to decrease approximately 5 percent to 4 percent.
Foot Locker breaks even in Q2 as revenue declines
Foot Locker (NYSE: FL) reported a break-even performance, as lower operating expenses failed to fully offset a decline in same-store sales.
For the quarter ended Aug. 1, the company reported no profit, compared with year-ago earnings of $18 million, or $0.11 per share.
Revenue declined 16 percent to $1.10 billion from $1.30 billion. It said it was hurt by exchange rates and a 12.1-percent decline in same-store sales.
Selling, general and administrative expenses declined to $530 million from $598 million.
Q2 loss for Sears widens
Sears Holdings (Nasdaq: SHLD) widened its second-quarter loss as same-store sales were impacted by declines in categories affected by housing market conditions, as well as lower apparel sales.
For the quarter ended Aug. 1, total revenues decreased $1.2 billion to $10.6 billion, compared to total revenues of $11.8 billion in 2008. The company said the decrease was primarily due to lower comparable store sales and included a $126 million decline due to the impact of foreign currency exchange rates.
Sears domestic comparable store sales declined 12.5 percent, and Kmart comparable store sales declined 3.9 percent for the quarter.
Net loss was $94 million, or $0.79 per diluted share, versus $65 million, $0.50 per diluted share, in the second quarter of 2008.
--Compiled by Wendy Geister
For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.snewsnet.com/cgi-bin/snews/stock_report.html.