Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
17
Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
142
Hibbett Sports Inc (HIBB) has reported a 30.76 percent plunge in profit for the quarter ended Jan. 28, 2017. The company has earned $12.06 million, or $0.54 a share in the quarter, compared with $17.41 million, or $0.76 a share for the same period last year. Revenue during the quarter went up marginally by 0.49 percent to $246.93 million from $245.72 million in the previous year period. Gross margin for the quarter contracted 177 basis points over the previous year period to 33.01 percent. Total expenses were 92.25 percent of quarterly revenues, up from 88.76 percent for the same period last year. That has resulted in a contraction of 349 basis points in operating margin to 7.75 percent.
Operating income for the quarter was $19.13 million, compared with $27.62 million in the previous year period.
Jeff Rosenthal, president and chief executive officer, stated, "Results did not meet our expectations for the quarter, although we were pleased with continued strength in our footwear business. The decline in comparable store sales was driven mainly by softer sales in apparel and equipment. Licensed products accounted for much of the weakness in apparel, while equipment was negatively impacted by weakness in team sports, fitness and accessories.
For financial year 2018, the company projects diluted earnings per share to be in the range of $2.65 to $2.85.
Working capital increases
Hibbett Sports Inc has recorded an increase in the working capital over the last year. It stood at $242.19 million as at Jan. 28, 2017, up 7.56 percent or $17.01 million from $225.18 million on Jan. 30, 2016. Current ratio was at 3.52 as on Jan. 28, 2017, up from 3.14 on Jan. 30, 2016. Debt moves up
Hibbett Sports Inc has witnessed an increase in total debt over the last one year. It stood at $0.60 million as on Jan. 28, 2017, up 24.48 percent or $0.12 million from $0.48 million on Jan. 30, 2016. Total debt was 0.13 percent of total assets as on Jan. 28, 2017, compared with 0.11 percent on Jan. 30, 2016. Interest coverage ratio deteriorated to 233.32 for the quarter from 306.89 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
