Hibbett Sports reported Friday mixed results for fiscal Q2 and lowered its guidance for the FY due to soft sales in a challenging retail environment. In the quarter ended July 29, the company had a net loss of $0.15 per diluted share, compared to last year’s net earnings of $0.29. Analysts polled by Capital IQ were expecting net loss per diluted share of $0.20.
Sales fell year-over-year to $188 million from $206.9 million, falling short of the Capital IQ consensus of $190.3 million. Comparable sales were down 11.7% in the quarter. For fiscal 2018, the company now expects diluted EPS of $1.25 to $1.35 versus the previous range of $2.35 to $2.55. Analysts have been expecting FY earnings of $1.70. The company cited “continued soft sales” for the rest of the year amid a challenging retail environment and a growing contribution of e-commerce sales, especially during the holiday season.