Hibbett Sports lowers FY19 non-GAAP EPS view to $1.55-$1.65 from $1.57-$1.75
Consensus is for FY19 EPS $1.63. Sees FY19 EPS $1.35-$1.48, which includes 17c-20 per diluted share for non-recurring costs associated with the acquisition of City Gear. Sees FY19 comparable sales flat to 1.0%, which compares with previous guidance in the range of -1.0% to 1.0%; 30 new store openings and 82 store closures, which includes 2 closures due to hurricane impact and 25 anticipated closures in the Q4. This compares with previous guidance of approximately 30 to 35 new store openings and approximately 55 to 60 store closures. Sees FY19 SG&A expense increase of 8.8%-11.2%, including City Gear acquisition costs, and an increase of 7.0%-9.0%, excluding such acquisition costs; share buyback of approximately $18.0M-$23.0M, which compares with previous guidance of approximately $40.0M-$50.0M.