Actionable news
0
All posts from Actionable news
Actionable news in HIBB: Hibbett Sports, Inc.,

Shares of this sports retailer are crashing, dragging Foot Locker, Nike down with it

Sporting-goods retailer Hibbett Sports issued a profit warning Monday that sent its shares spiraling down more than 25 percent and delivered a blow to some of the company's peers.

Hibbett said it expects its comparable-store sales — a metric closely watched by Wall Street for retail stocks — to fall about 10 percent during the second quarter on account of "very challenging sales trends."

The drop in sales combined with "significant pressure on gross margins" is expected to result in the company reporting a loss of 19 cents to 22 cents per diluted share for the second quarter, Hibbett said.

The retailer's forecast sent shock waves across the entire sporting-goods sector, with shares of Foot Locker falling 3.9 percent, Dick's Sporting Goods dropping about 2.4 percent and Finish Line, down about 4.8 percent...


More