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Why Hibbett Sports is Down 8 Percent Friday (HIBB)

5314774452_e67fddd08a_bShares of Hibbett Sports (NASDAQ: HIBB) are down 8 percent Friday after the company reported disappointing earnings. The company reported EPS of $0.40 versus estimates of $0.39. Revenue rose 12.54 percent to $186.2 million versus estimates of $186.32 million.

The company lowered its  fiscal year 2013 EPS guidance from $2.85-3.05 to $2.65-2.77 vs $2.94 analyst estimate.

Jeff Rosenthal, President and Chief Executive Officer, stated, “We delivered a solid increase in earnings for the second quarter. Comparable store sales were softer than planned due to a challenging economic environment; however, we are encouraged by a strong start to the third quarter. New store performance continues to be strong and we remain confident with the pace of new store openings.”

[stock-tools exchange="NASDAQ" symbol="HIBB" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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