Sporting retailer Hibbett Inc. HIBB, +6.33% posted net income of $24.7 million, or $1.86 a share, for the second quarter, down from $46.7 million, or $2.86 a share, in the year-earlier period. Sales fell 6.3% to $392.8 million from $419.3 million a year ago. The FactSet consensus was for EPS of $2.14 and ales of $387 million. Same-store sales fell 9.2%, compared with a FactSet consensus for a decline of just 7.8%. “We were pleased with the resiliency of our consumer and the strong loyalty for our key brands,” CEO Mike Longo said in a statement. “We believe some of our back-to-school sales shifted into the third quarter as consumers delayed shopping until closer to school start dates. As expected, margins were affected by continued high freight costs and the deleveraging of store and other fixed costs.” The company is now expecting second-half same-store sales to be up in the low-double digits, up from prior guidance for positive low single-digits, and for full-year same-store sales to be flat to positive low-single digits, up from negative low-single digits previously stated. “We currently expect year-over-year sales growth in the third and fourth quarters, which will result in a return to better leverage of fixed costs,” said Longo. The company still expects full-year EPS of $9.75 to $10.50. Shares were slightly higher premarket but are down 20% in the year to date, while the S&P 500 SPX, +0.87% has fallen 13%.
