Hibbett Sports Cut To Underperform On Lack Of Online Business

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Hibbett Sports Inc. shares fell 4% on Monday after Sterne Agee analyst Sam Poser cut the stock to underperform from neutral. The company's lack of online sales is his key worry. Hibbett's unlikely to see double-digit per-share profit growth until fiscal 2018, when an online sales platform should be in place at the earliest, Poser said. The company's February same-store sales declined because winter storms led to store closings, but it was also because it didn't have online sales to offset store decline, Poser said. The negative impact of the West Coast port disruptions is also unclear and "not appreciated enough" by Hibbett, Poser said. His downgrade came after the company last week reported better-than-expected fourth-quarter profit and sales.

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