Hibbett Sports Inc (NASDAQ:HIBB) announced lower-than-expected first-quarter earnings, sending its shares sliding double digits in Friday pre-market trading.
The sporting goods retailer reported earnings of US$1.12 per share on revenue of US$274.7mln compared with US$0.97 on revenue of US$277.35mln in the previous year’s first quarter.
The Alabama-based company missed Wall Street estimates of US$1.15 EPS.
The retailer recently launched its own mobile app, allowing customers to shop online and access their Hibbett Rewards account. Customers can also enter into a raffle for the chance to purchase exclusive shoes.
Take Hibbett Everywhere! Download our new app for a chance to win free shoes for a year.
Enter: https://t.co/GUW4oLHEbu
Download the app: https://t.co/ZTHU0I7wpr
Terms and Conditions: https://t.co/oBMTu7JmK7 pic.twitter.com/ZPzpL8sd4V
— Hibbett Sports (@HibbettSports) May 25, 2018
“We are also very encouraged with the early results of our new mobile app and believe this will be a great tool for our highly mobile customer, “said CEO Jeff Rosenthal in a press release. “As we start the second quarter, we believe we are well positioned with fresh assortments and easier comparisons as we prepare for the back-to-school season."
E-commerce sales represented around 7% of total sales in the first quarter.
The company maintained its guidance for fiscal 2019 and expects diluted earnings between US$1.65 and US$1.95, falling below analyst estimates of US$1.85
Shares of the company fell nearly 12% to US$25.50 in Friday pre-market trading.