UPDATE: Hibbett Sports Issues Profit Warning, Citing 'very Challenging Sales Trends', Stock Slides 16.5%

Sports retailer Hibbett Sports Inc. shares slip 16.5% in premarket trade Monday, after the company warned that it expects second-quarter same-store sales to fall about 10%, citing "very challenging sales trends." The company said the decline, combined with "significant" pressure on gross margin, would push it to a loss of 19 cents to 22 cents for the quarter. The current FactSet consensus is for second-quarter earnings per share of 15 cents. The company said it is launching an e-commerce site, www.Hibbett.com, that will offer footwear, clothing and equipment. "Despite the difficult retail environment, the company remains focused on improving its business for the long term," Chief Executive Jeff Rosenthal said in a statement. "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." The stock has fallen 47% in 2017, while the S&P 500 has gained 10.4%.