Hibbett Sports Inc (NASDAQ:HIBB) surprised the market by posting a second quarter net loss and lower than expected revenue, pushing its shares down sharply in premarket action on Friday.
The company reported a net loss of US$0.06, against the consensus estimate if would post a profit of US$0.07 per share. Last year, the company had a net loss of US$0.15 for the quarter. Revenue was at US$211.1mln, higher than last year's US$187.96mln but below the consensus expectation of US$215.39mln.
Shares sank 19% to US$23.80 in the premarket. The stock closed on Thursday up 3.5% to US$29.40. In the reguklar session, shares tanked over 28% to US$20.98.
The company said it saw weakness in the licensed, equipment and accessories business.
Hibbett cut its outlook for fiscal 2019 earnings to US$1.57-US$1.75 from US$1.65 to US$1.95.
Hibbett is a sports apparel and accessories retailer based in Birmingham, Alabama.