Hibbett Sports Inc. on Friday posted relatively flat net income for its fiscal first quarter, as colder-than-normal weather reduced demand for some of its spring merchandise.
President and CEO Jeff Rosenthal said the colder weather clearly affected sales of some key spring assortments, but the company is well positioned for the summer and back-to-school sales periods.
The results fell short of Wall Street predictions. Its shares dropped $1.38, or 2.3 percent, to $59 in morning trading. Its shares have traded in a 52-week range of $49.78 to $63.39.
For the quarter ended May 4, the sporting goods store operator earned $26.2 million, or $1 per share, compared with $26.4 million, or 98 cents per share, in the same quarter the year before. The recent quarter's results are based on 26.3 million outstanding shares, while those of the year ago are based on 26.9 million.
Revenue rose 3 percent to $240 million from $232.9 million.
Analysts, on average, expected earnings of $1.07 per share on $245.9 million in revenue, according to FactSet.
The Birmingham, Ala.-based company said its revenue at stores open at least a year edged up 0.8 percent. The metric is a key measure of a retailer's health, because it excludes revenue at stores that recently opened or closed.
Hibbett opened nine new stores and closed three during the recent quarter, bringing its total to 879 in 29 states as of May 4.
Hibbett backed its previous guidance for the full fiscal year, saying that it still expects a profit of $2.85 to $3.05 per share. Analysts expect a profit of $3.02 per share.