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Hibbett Sports Warns of 10% Sales Decline, Significant Loss

CMBS Bond Ratings Firm DBRS Puts Sports Retailer on Watch List
July 31, 2017
Hibbett Sports Inc. (NASDAQ/GS: HIBB), an athletic specialty retailer, last week warned investors to expect a 10% decline in comparable store sales for the second quarter ending July 29.

Hibbett said it is expecting to report a loss of 19 to 22 cents per share. The company’s stock price plunged by over 30% after the announcement. Bond rating agency DBRS Inc. also placed the sports retailer on its CMBS watch list.

DBRS identified 163 CMBS loans secured by properties with Hibbett listed as one of its top five tenants. Loans secured by Hibbett-anchored properties are reporting higher leverage and historical loss than other anchored retail centers. In addition, the most recently reported occupancy rates are lower.

Hibbett Sports, based in Birmingham, AL, operated more than 1,000 stores, primarily located in small and mid-sized communities across the country.

Separately, Hibbett Sports announced the launch of a new e-commerce website that will be fully integrated with its stores.

“Despite the difficult retail environment, the company remains focused on improving its business for the long term. Launching an e-commerce site has been a key strategic goal for Hibbett, and we took time to invest in our omni-channel infrastructure to do it the right way,” said Jeff Rosenthal, CEO of Hibbett.

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