Hibbett Sports (HIBB) Stock Skyrockets on Earnings Beat, Guidance

Hibbett Sports (HIBB) stock is soaring in early afternoon trading on Friday, after raising its full-year earnings outlook following its fiscal 2016 third quarter earnings results.
By Rachel Graf ,

NEW YORK (TheStreet) -- Hibbett Sports (HIBB) - Get Report stock is up 20.03% to $34.39 in early afternoon trading on Friday, following the release of its fiscal 2016 third quarter financial results. 

The Birmingham, AL-based sporting goods company posted earnings of 79 cents per share, higher than 67 cents per share in the year-ago period. 

Revenue climbed 4.6% year-over-year to $228.3 million, up from $218.3 million for the fiscal 2015 third quarter. 

Comparable store sales increased 0.6%.

Analysts surveyed by Thomson Reuters had forecast for earnings of 68 cents per share on revenue of $233.4 million for the most recent quarter.

Hibbett Sports raised its full-year per-share earnings forecast to range between $2.87 and $2.94, up from prior guidance ranging between $2.80 and $2.90. 

"We were very pleased with our back-to-school sales, our margin performance and expense controls, and are encouraged by the great progress we are making with our merchandising initiatives," CEO Jeff Rosenthal said in a statement. "Sales softened late in the quarter due to significant declines in our colder weather categories, although footwear remained strong due to benefits from a strong assortment and an improved in-stock position."

Separately, TheStreet Ratings team rates HIBBETT SPORTS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate HIBBETT SPORTS INC (HIBB) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, poor profit margins and weak operating cash flow.

You can view the full analysis from the report here: HIBB

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