Shares of sports retailers Dicks Sporting Goods (DKS) - Get Report , Big 5 Sporting Goods (BGFV) - Get Report , and Sportsman's Warehouse (SPWH) - Get Report were all declining on Monday afternoon following Hibbett Sports' (HIBB) - Get Report gloomy sales forecast.
Shares of Hibbett Sports were falling by 31.47% to $13.50 on heavy trading volume this afternoon.
Hibbett is expecting its comparable store sales to decline by approximately 10% for the second quarter, which ends on July 29. With the dip in sales and "significant" pressure on gross margin, the company is expecting a loss of 19 cents to 22 cents per diluted share for the second quarter.
Additionally, the company said today that it is launching an ecommerce website offering customers an expansive assortment of footwear, apparel and equipment items.
"Despite the difficult retail environment, the company remains focused on improving its business for the long term. Launching an e-commerce site has been a key strategic goal for Hibbett, and we took time to invest in our omni-channel infrastructure to do it the right way," Hibbett CEO Jeff Rosenthal said.
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