By
Reuters
Reuters
Published
Feb 10, 2011
Feb 10, 2011
Hibbett Sports cuts Q4 profit outlook on slow Jan sales
By
Reuters
Reuters
Published
Feb 10, 2011
Feb 10, 2011
Feb 8 - Hibbett Sports Inc cut its fourth-quarter earnings outlook on slow January sales.
"After a strong start to the quarter, we were disappointed with comparable store sales in the latter half of January," Chief Executive Jeff Rosenthal said in a statement.
Hibbett Sports in Tennessee, United States |
The company said sales were also hit by income-tax refund delays and weather issues in many of its markets.
Hibbett cut fourth-quarter earnings forecast to 42-44 per share from 47-50 cents per share earlier.
Net sales rose 4 percent to $173.5 million.
Analysts on an average were expecting earnings of 50 cents per share on revenue of $180.7 million for the quarter ended Jan. 29, according to Thomson Reuters I/B/E/S.
Shares of Birmingham, Alabama-based Hibbett were down 4 percent in extended trading after closing at $32.78 on Tuesday on Nasdaq.
(Reporting by NR Sethuraman in Bangalore; Editing by Joyjeet Das)
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