Hibbett Sports Cuts FY EPS View; Stock Plunges

(RTTNews) - Hibbett Sports Inc. (HIBB) said that it now expects earnings per share for fiscal 2019 to be in the range of $1.57 to $1.75, compared to the previous guidance of $1.65 to $1.95 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $1.84 per share for the year. Analysts' estimates typically exclude special items.

The company anticipates annual comparable sales to be in the range of -1.0% to 1.0%, which compared with previous guidance in the range of -1.0% to 2.0%.

Jeff Rosenthal, President and Chief Executive Officer, said,"..... Looking forward, we expect continued improvement in our assortments as we approach the holiday season, and we expect further benefit from our omni-channel initiatives with the rollout of Buy Online, Pick up in Store and Reserve in Store."

In Friday's pre-market trade, HIBB is trading at $25.00, down $4.40 or 14.97 percent.