Hibbett Sports Misses Earnings, Shares Down Sharply (HIBB)

Shares of Hibbett Sports, Inc. HIBB are down sharply this afternoon after the sporting goods company reported weaker than expected earnings. Shares are down $1.63 to $24.50 on more than three times daily volume. The Birmingham, AL based comapny earned 14 cents a share, after earning 4 cents a share a year ago. This missed analysts expectations of 16 cents a share. Quarterly revenue grew 13.6% to $139.8 million. Same-store sales increased for the second straight time, up 11.9%, from the year-ago quarter. "This was a tremendous first half of the year for Hibbett with earnings already equaling what we achieved in the first three quarters last year," said Jeff Rosenthal, president and CEO. "Based on our strong second quarter and year-to-date performance, coupled with continuing strong comparable store sales trends into the third quarter, we are raising our expectation for fiscal 2011." Hibbett currently has 774 stores in 25 states. This compares to its largest competitor Dicks Sporting Goods DKS, which operates 419 stores in 40 states; and 91 Golf Galaxy stores in 31 states.