Hibbett Sports 2Q Profit Falls 77 Pct

BIRMINGHAM, Ala. (AP) — Sporting goods retailer Hibbett Sports Inc. said second-quarter profit fell 77 percent on lower sales compared with a year ago, when consumers had government stimulus checks and a tax holiday helped drive purchases.

Its results fell short of Wall Street expectations, and it cut its guidance for fiscal 2010, sending its shares tumbling in the aftermarket session.

The company reported net income of $1.1 million, or 4 cents per share, compared with $4.8 million, or 17 cents per share, a year ago.

Sales fell 6 percent to $123.1 million from $130.3 million.

Analysts surveyed by Thomson Reuters expected a higher profit of 10 cents per share, on sales of $125 million.

The lack of stimulus money that customers had to spend last year in the second quarter and the fact that the sales tax holiday was in this year's third quarter, affected year-over-year comparisons, CEO Mickey Newsome said in a statement.

The company lowered guidance for the fiscal year to a range of 85 cents to 95 cents from the previous $1.03 to $1.17 per share. Wall Street is targeting earnings of $1.11 per share.

Hibbett Sports also said it expects same-store sales in the second half of the year to be between down 4 percent to break-even.

In aftermarket trading, the stock lost $1.45, or 8.1 percent, to $16.45, having closed the regular session $17.90.