Hibbett Sports Shares Drop After Weak 2Q Results

NEW YORK (AP) — Shares of Hibbett Sports Inc. fell on Friday after its weak second-quarter results prompted one analyst to downgrade the stock and another called the results "troubling."

Birmingham, Ala.-based Hibbett said Thursday that its second-quarter profit plummeted 77 percent as revenue fell 6 percent.

Shares slid $1.51, or 8.4 percent, to $16.39 in afternoon trading Friday. The stock has ranged from $10.06 to $25.75 over the past year.

Raymond James analyst Dan Wewer downgraded Hibbett shares to "Market Perform" from "Outperform," and said he expected sales and profit to remain weak. He cut his 2009 profit estimate to 90 cents per share from $1.15 per share.

Stifel Nicolaus & Co. analyst David Schick said the latest quarterly results from Hibbett were "troubling" and the retailer may suffer as Wal-Mart Stores Inc. offers more specialized sports gear.

Schick kept a "Hold" rating on the shares.