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HIBB

Hibbett Sports

$18.04

-0.46 (-2.49%)

06:32
03/22/19
03/22
06:32
03/22/19
06:32

Hibbett Sports initiates plan to close underperforming stores

As the retail environment continues to evolve, the company is focused on improving the productivity of the store base while continuing to grow its omni-channel business to serve customers where and when they want to shop. As a result, subsequent to the year ended February 2, the company has decided to close approximately 95 Hibbett stores in Fiscal 2020, while opening 10 to 15 new Hibbett and City Gear stores. This is expected to result in non-recurring impairment and store closure charges in the range of 15c-20c per diluted share in Fiscal 2020. Associates will be extended opportunities to transition to similar positions at other Hibbett stores wherever possible. Jeff Rosenthal, President and CEO, stated, "While these decisions are never easy, we believe it is in the best interest of our shareholders as we continue to evolve the business and adapt to changing shopping patterns. Going forward, we will continue to invest in our business with the goal of providing a differentiated product assortment and customer experience that aligns with today's consumer."

  • 22

    Mar

HIBB Hibbett Sports
$18.04

-0.46 (-2.49%)

10/25/18
SUSQ
10/25/18
DOWNGRADE
Target $15
SUSQ
Neutral
Hibbett Sports downgraded to Neutral at Susquehanna
As reported previously, Susquehanna analyst Sam Poser downgraded Hibbett Sports to Neutral from Positive. The analyst believes the company will miss the low end of guidance and Q3 consensus estimates. He also said distribution costs related to digital, and occupancy costs, will likely remain elevated due to poor brick and mortar store performance. Poser lowered his price target to $15 from $25 on Hibbett Sports shares.
10/30/18
BARD
10/30/18
NO CHANGE
BARD
Hibbett Sports acquisition of City Gear bolsters urban presence, says Baird
Baird analyst Peter Benedict maintained a Neutral rating on Hibbet Sports. The analyst believes the planned acquisition of City Gear will bolster the company's presence among the younger fashion- forward customers in urban areas, and that the strategic rationale of the transaction makes sense as City Gear is expected to be accretive to EPS next year. However, the analyst also sees "stemming the decline in store comps and EBIT margins at the core-HIBB banner" as a key for the stock, and said visibility on that front was "still low."
03/14/19
BARD
03/14/19
NO CHANGE
Target $16
BARD
Neutral
Hibbett Sports Q4 comps upside likely, says Baird
Baird analyst Peter Benedict kept his Neutral rating and $16 price target on Hibbett Sports ahead of its Q4 earnings, saying indications of improved sector demand and the company's emerging omni-channel capabilities suggest that the comps in the quarter could exceed expectations. The analyst raises his SSS forecast to up 2% from down 0.7%, but warns that material gross margin pressure is likely to constrain earnings. While the stock "looks inexpensive", Benedict believes that a "credible path to stabilize EBIT dollars remains a key hurdle."
03/21/19
CEDG
03/21/19
DOWNGRADE
CEDG
Equal Weight
Hibbett Sports downgraded to Equal Weight from Overweight at Consumer Edge

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