Hibbett Sports, Inc. (NASDAQ: HIBB) plummeted Friday on quarterly figures.
The Alabama-based sporting goods chain reported net sales for the 13-week period ended August 4, 2018 increased 12.3% to $211.1 million compared with $188.0 million for the 13-week period ended July 29, 2017.
Comparable sales increased 4.1%. E-Commerce sales represented 8.0% of total sales for the second quarter. The year over year increase in net sales also includes an increase of approximately $16.9 million due to the week shift resulting from the 53rd week last year.
Gross margin was 31.4% of net sales for the 13-week period ended August 4, 2018, compared with 28.9% for the 13-week period ended July 29, 2017. The increase was mainly due to fewer clearance markdowns and leverage of logistics and store occupancy expenses associated with higher net sales.
Net loss for the quarter was $1.2 million compared with net loss of $3.2 million for the 13-week period ended July 29, 2017. Loss per share was $0.06 for the 13-week period ended August 4, 2018, compared with loss per share of $0.15 for the 13-week period ended July 29, 2017.
According to CEO Jeff Rosenthal "We continue to make investments for the long-term success of the business, and we are starting to see the benefits from these investments in our operations."
For the quarter, Hibbett opened six new stores, expanded, relocated or remodeled three stores and closed 15 underperforming stores, bringing the store base to 1,059 in 35 states as of August 4, 2018.
Shares withered $8.33, or 28.3%, to $21.08
