Hibbett Sporting Goods Revises Expectations for Second Quarter and Fiscal 2002

Source: Business Wire
BIRMINGHAM, Ala. - Hibbett Sporting Goods, Inc. (Nasdaq/NM:HIBB), a rapidly growing, full-line sporting goods retailer, today announced that due to a softening retail environment and current business trends the Company expects to rep ort earnings for the second quarter ended August 4, 2001, in the range of $0.27 to $0.29 per diluted share. Hibbett expects to report comparable store sales for the second quarter in the range of 1.5% to 2% and total sales in the range of $54.5 million to $55 million.

For the fiscal year ended February 2, 2002, which includes 52 weeks compared with 53 weeks in fiscal 2001, the Company expects to report earnings in the range of $1.70 to $1.75 per diluted share based upon comparable store sales in the range of 2% to 2.5%, total sales in the range of $238 million to $242 million and approximately 55 new stores opened. Earnings in the third and fourth quarters are projected to be slightly below or flat with the comparable periods in fiscal 2001 (due to a 14-week fourth quarter last year versus a 13-week fourth quarter in fiscal 2002).

Michael J. Newsome, President and Chief Executive Officer stated, "Having finished a very strong spring selling season, we were disappointed to see customer traffic slow down as well as price points continue to drop in late June and July. The uncertainty in the economy has pervaded our smaller markets recently to an extent we have not seen. The usual downside protection our smaller market strategy affords has only slightly offset the overall softness in the economy.

Hibbett Sporting Goods, Inc. will conduct a conference call, at 6:00 pm EDT today to discuss the revised expectations for the second quarter and fiscal 2002. The number to call for this interactive teleconference is 719/457-2617. A replay of the conference call will be available until July 30, 2001, by dialing 719/457-0820 and entering the passcode, 752141.
The Company will also provide an online Web simulcast and rebroadcast of its conference call. The live broadcast of Hibbett's conference call will be available online at www.streetevents.com today beginning at 6:00 pm EDT. The online replay will follow shortly after the call and continue through August 8, 2001.