Key Developments For Hibbett Sports, Inc.
Hibbett Sports, Inc. (HIBB.O) (Nasdaq)
Hibbett Sports Inc. Announces Stock Repurchase Program; Raises Fiscal 2010 EPS Guidance; Comments On Q4 2010 Comparable Store Sales Guidance
Hibbett Sports Inc. announced that its Board of Directors has authorized a new Stock Repurchase Program (Program) of $250.0 million expiring on February 2, 2013. Effective immediately, the new program replaces the existing authorization which was due to expire on January 30, 2010. Under the prior authorization, the Company had purchased 7,761,813 shares of common stock to date at a cost of $167.0 million. The Company updated its earnings guidance for the fiscal 2010, to a range of $0.95 to $1.02 per diluted share from the previous guidance of $0.85 to $0.95 per diluted share. Comparable store sales for the fourth quarter of 2010 is expected to range between -2.0% and 2.0%. According to Reuters Estimates, analysts on an average were expecting the Company to report earnings per share (EPS) of $0.92 for fiscal 2010.
Hibbett Sports Inc. Lowers FY 2010 EPS Guidance; Comments On H2 2010 Comparable Store Sales Guidance
Hibbett Sports Inc. updated its earnings guidance for fiscal 2010, to a range of $0.85-$0.95 per diluted share from the previous guidance of $1.03-$1.17 per diluted share. Comparable store sales for the second half of 2010 are expected to be between -4.0% and 0.0%. According to Reuters Estimates, analysts were expecting the Company to report EPS of $1.11 for fiscal 2010.
Hibbett Sports Inc. Reaffirms FY 2010 EPS And Comparable Store Sales Guidance; Comments On Q3 2010 Guidance
Hibbett Sports Inc. announced that its guidance for fiscal 2010 remains unchanged. Earnings are expected in the range of $1.03 to $1.17 per diluted share (EPS) with comparable store sales in the low single-digits. The Company expects to be negatively impacted in the second quarter of 2010 for two reasons. Stimulus checks were received by consumers in the second quarter of last year but not received this year. Also, there will be a significant transition of sales tax holidays into third quarter this year from second quarter last year. Currently, over 550 of stores are in states with sales tax holidays. This year, over 400 of the stores will have their sales tax holiday in the third quarter, as compared to less than 100 in the third quarter last year. As a result, the Company expect higher sales and earnings growth in the third quarter of 2010 compared to the third quarter last year. The Company reported EPS of $0.26 and revenue of $140 million in the third quarter of 2009. According to Reuters Estimates, analysts on an average are expecting the Company to report EPS of $1.13 for fiscal 2010; EPS of $0.28 on revenue of $150 million for the third quarter of 2010.
Hibbett Sports Inc. Issues FY 2010 Guidance In Line With Analysts' Estimates
Hibbett Sports Inc. announced that for fiscal 2010, it expects to report a range of $1.03 to $1.17 per diluted share (EPS) for earnings with comparable store sales in the low single digits. According to Reuters Estimates, analysts were expecting the Company to report EPS of $1.04 for the same period.
Hibbett Sports Inc. Promotes Jeff Rosenthal to President and COO
Hibbett Sports Inc. announced the promotion of Jeffry O. Rosenthal, the Company's Vice President of Merchandising, to President and Chief Operating Officer (COO), effective immediately.
