Hibbett Sports (NASDAQ:HIBB) stock was falling hard on Friday following the release of a surprise earnings miss for its fiscal second quarter of 2019.
Losses per share reported by Hibbett Sports for its fiscal second quarter of 2019 came in at 6 cents. This is an improvement over the company’s losses per share of 15 cents from its fiscal second quarter of 2018. However, it was a major blow to Hibbett Sports stock by missing Wall Street’s earnings per share estimate of 7 cents for the period.
Hibbett Sports also reported a net loss of $1.22 million for its fiscal second quarter of the year. This is better than the company’s net loss of $3.18 billion that was reported in the same period of the year prior.
Hibbett Sports’s operating loss for its fiscal second quarter of 2019 came in at $1.89 billion. The sporting goods retailer reported an operating loss of $5.16 billion in its fiscal second quarter of the previous year.
Hibbett Sports’ earnings report for its fiscal second quarter of the year also includes revenue of $211.12 million. This is up from its revenue of $187.96 million that was reported during the same time last year. Unfortunately for Hibbett Sports stock, it wasn’t able to reach analysts’ revenue estimate of $215.39 million for the quarter.
Another bit of bad news for Hibbett Sports stock in the most recent earnings report was an update to its guidance for fiscal 2019. For the full year of fiscal 2019, HIBB is expecting earnings per share to range from $1.57 to $1.75. This is a decrease from its previous earnings per share outlook range of $1.65 to $1.95. It will also have the company missing Wall Street’s earnings per share estimate of $1.84 for the fiscal year.
HIBB stock was down 28% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.