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A few moments ago I sold my remaining 84 shares of Hibbett (HIBB) at $24.56. Yesterday, after the close of trading, HIBB reported 1st quarter 2007 results. While earnings were up 12.9% over last year, and net sales were up 10.5%, the number that gave me pause was the same store sales report, which, for the quarter was down 0.07%. Since the market is overall quite weak, I went ahead and pulled the plug on this holding with fundamental weakness in sales.
These shares were initially acquired 3/6/03 with a cost basis of $6.50/share. Thus, even though the stock is down sharply today, I sold with a gain of $18.06/share or 277.8% since my purchase of this stock.
It is a bit sad to part with such a great company like Hibbett in the portfolio, but the same store sales reports gave me a great deal of concern.
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