Hibbett Sports CEO says 'experienced a very difficult retail environment' in Q2
Jeff Rosenthal, President and CEO, stated, "We experienced a very difficult retail environment in the quarter, with a significant decline in transactions and resulting pressure on gross margin. Expenses were well controlled, while maintaining proper staffing and customer service levels in our stores. Looking forward, we expect the external environment to remain challenging, although we are encouraged with the progress we are making on our internal initiatives, most notably our new e-commerce website. Our early e-commerce sales have exceeded expectations and user feedback has been very positive. We will continue our efforts to grow our online business aggressively in the future, while continuing to improve our stores to provide a great overall customer experience." For the quarter, Hibbett opened six new stores, expanded four high performing stores and closed eight underperforming stores, bringing the store base to 1,080 in 35 states as of July 29, 2017.