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Hibbett Stock Explodes on Q4 Sales & Profit Wins, CEO Jeff Rosenthal to Retire

Shares for Hibbett Sports are jumping at market open after the firm posted fourth-quarter results that topped expectations across the board. As of 9:35 a.m. ET, the stock was in the green nearly 22 percent to $21.96.
The athletic specialty retailer said its sales during the period ended Feb. 2 increased nearly 15 percent to $306 million, blowing past analysts’ expectations for sales of $283 million. Comparable sales also advanced 3.8 percent besting market watchers’ forecasts for flat comps over the year-ago same period.
Adjusted profits, at $10.5 million, or 57 cents per share, handily topped estimates of 39 cents per share. (Reported profits were $6.6 million, or 36 cents per share, compared with $9.7 million, or 51 cents per share, in the year-ago same quarter.)
“We are quite pleased with the fourth quarter results, which was driven by significant progress on our strategic initiatives along with compelling assortments from our key vendors,” said president and CEO Jeff Rosenthal, who announced today his retirement from the firm after 9 years in the top post.
Rosenthal, who will continue in his role until the company names a successor, touted Hibbett’s omnichannel initiative as among the bright spots in Q4 — noting that online sales increased

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Via:: https://footwearnews.com/2019/business/earnings/hibbett-stock-q4-earnings-2019-ceo-retires-1202763390/