-=Hibbett Sports (HIBB) reported earnings on Fri 22 Nov 2019 (b/o)

Hibbett Sporting beats by $0.17, beats on revs; Q3 comps +10.7%; raises FY20 EPS and comp guidance

Reports Q3 (Oct) earnings of $0.32 per share, excluding non-recurring items, $0.17 better than the S&P Capital IQ Consensus of $0.15; revenues rose 27.0% year/year to $275.5 mln vs the $260.75 mln S&P Capital IQ Consensus.

Comparable store sales increased 10.7% and will not include sales from City Gear until the fourth quarter of Fiscal 2020. E-commerce sales represented 10.5% of total sales for the third quarter. The increase in net sales was primarily attributable to the addition of City Gear. Footwear sales continued to drive the business along with positive sales in activewear and accessories connecting to footwear products.

Gross margin was 32.7% of net sales for the 13-week period ended November 2, 2019, compared with 32.5% for the 13-week period ended November 3, 2018.

Co issues raised guidance for FY20, sees EPS of $2.30-2.50 from $2.15-2.25 , excluding non-recurring items, vs. $2.21 S&P Capital IQ Consensus; raises FY20 comp guidance to +4-6% from +1-2%.