Hibbett Sports (HIBB), a sporting goods retailer, has recorded a 20.51 percent fall in profit for the quarter ended Aug. 2, 2014. The company earned $8.38 million or $0.32 a share in the second-quarter compared with $10.54 million or $0.40 a share a year ago. Analysts on average had predicted net income of $0.31 a share.

Revenues during the second quarter rose  4.12 percent to $193.92 million compared with 186.24 million.

The company disclosed operating income of $13.72 million, compared with $16.97 million in the last year period.

Jeff Rosenthal, president and CEO, stated, "Comparable store sales were softer than expected for the quarter, but we are encouraged by the improvement in traffic in early August. In addition, we are on pace to achieve our goal of 75 to 80 new stores this year, and continue to be pleased with new store performance."

The company now anticipates that earnings per diluted share will be in the range of $2.63 to $2.73 for the 52 weeks ending Jan. 31, 2015, with comparable store sales increasing in the low single-digit range for the year.

Cash Position

As on Aug. 02, 2014, Hibbett Sports' cash balance stood at $81.45 million, up 0.66 percent or $0.53 million from Aug. 03, 2013.

Working Capital

Hibbett Sports has witnessed an increase in the working capital over the last one year. The company's working capital stood at $232.56 million as at Aug. 02, 2014, up $17.62 million or 8.20 percent from $214.94 million on Aug. 03, 2013. It registered an increase in current ratio to 3.12 as at Aug. 02, 2014 from 2.80 on Aug. 03, 2013.

Shares of the company gained 2 cents or 0.04 percent to close at $46.83 on Thursday.