Overall performance in fiscal 2019
In the previous part of this series, we mentioned the surge in Hibbett Sports’ (HIBB) stock price on March 22 in reaction to impressive fiscal 2019 fourth-quarter results. For full-year fiscal 2019, which ended on February 2, Hibbett Sports’ sales grew 4.2% to $1.01 billion, and its same-store sales grew 2.2%. The company’s adjusted EPS grew 8.6% to $1.77 in fiscal 2019.
In fiscal 2019, Hibbett Sports opened 32 new stores, expanded or relocated ten stores, and shut down 84 underperforming stores. The company also acquired 136 City Gear stores. Hibbett Sports aims to increase the productivity of its stores and further enhance its omnichannel capabilities. Hibbett Sports plans to open about 10 to 15 new stores and close 95 stores in fiscal 2020.
Fiscal 2020 forecast
Hibbett Sports expects its same-stores in the range of -1.0% to 1.0% in fiscal 2020. It expects fiscal 2020 EPS in the $1.50–$1.70 range. The company’s EPS guidance includes one-time costs in the range of $0.25 to $0.35 relating to the integration of City Gear and planned store closures.
The company expects its fiscal 2020 adjusted EPS in the $1.80–$2.00 range. Analysts expected adjusted EPS of $1.74 for fiscal 2020 on overall sales growth of about 8.0%.