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Hibbett Sports stock drops as quarterly profit dips

“We continue to expand our customer base by connecting with more and more customers through e-commerce and selective new store growth,” Jeff Rosenthal, Hibbett chief executive

Trader shock
Hibbett was down US$1.85 or 8.22%

Hibbett Sports Inc (NASDAQ:HIBB) stock dropped in early deals on Friday after it revealed a drop in profits for the fourth quarter.

Net income for the three months amounted to US$9.7mln or 51 cents per share, compared to US$12.1mln or 54 cents in the comparative period of last year. The numbers were, however, supported by a 7 cent per share one-time gain following the sale of its Team business division.

READ: Hibbett Sports shares advance as e-commerce shown to be booming

Revenue for the quarter totalled US$266.7mln, up from US$246.9mln, and same-store sales growth was reported at 1.6%.

“We continue to expand our customer base by connecting with more and more customers through e-commerce and selective new store growth,” Jeff Rosenthal, Hibbett chief executive.

“Ease of shopping continues to improve across both channels, and we are expanding our assortment every day to better serve our customers.

“We will continue to place a significant focus on omni-channel in Fiscal 2019, which will bring exciting new functionality to improve the shopping experience and to help us improve the long-term profitability of the business.”

Hibbett was down US$1.85 or 8.22% changing hands at US$20.65.

Quick facts: Hibbett Sports

Price: 43.43 USD

NASDAQ:HIBB
Market: NASDAQ
Market Cap: $717.17 m
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