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Shares traded in a fairly wide range, bottoming at .43 and closing at .90 to end the day down 5%.

The company's earnings call was a bit more upbeat than I would have thought.

Source: Yahoo Finance As many of the companies in the index suffer continuous sales declines, they have been forced to lower prices via promotions/discounts to move inventory, which has resulted in depressed margins, which has led to lower SSS numbers, which forces them to reduce prices even further to attract customers and move inventory - and over a period of time, these companies are caught in a downward spiral that shows no signs of a near term slowdown.

Companies like Hibbett, Dick's Sporting Goods, Foot Locker, and Finish Line (NASDAQ: FINL) have seen their share prices decline anywhere from 40-60% YTD as consumer preferences for footwear and apparel change (and what they're willing to pay), mall visits slow down, and mobile shopping becomes more prevalent.

badly disappointed investors with its second-quarter earnings release.

(Jim Cramer shares his own thoughts on Foot Locker today in this piece.) With revenue of

Shares traded in a fairly wide range, bottoming at $9.43 and closing at $10.90 to end the day down 5%.The company's earnings call was a bit more upbeat than I would have thought.Source: Yahoo Finance As many of the companies in the index suffer continuous sales declines, they have been forced to lower prices via promotions/discounts to move inventory, which has resulted in depressed margins, which has led to lower SSS numbers, which forces them to reduce prices even further to attract customers and move inventory - and over a period of time, these companies are caught in a downward spiral that shows no signs of a near term slowdown.Companies like Hibbett, Dick's Sporting Goods, Foot Locker, and Finish Line (NASDAQ: FINL) have seen their share prices decline anywhere from 40-60% YTD as consumer preferences for footwear and apparel change (and what they're willing to pay), mall visits slow down, and mobile shopping becomes more prevalent.badly disappointed investors with its second-quarter earnings release.(Jim Cramer shares his own thoughts on Foot Locker today in this piece.) With revenue of $1.7 billion, which was $100 million below consensus estimates, the company missed the earnings consensus of 90 cents a share by 28 cents.However, I've gone a slightly different route to play what I believe to be a near-term overreaction by going smaller in size, as I typically do, in the form of Hibbett Sports.I added to the position on Friday while shares were getting the stuffing knocked out of them as the market was digesting second-quarter results.

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Shares traded in a fairly wide range, bottoming at $9.43 and closing at $10.90 to end the day down 5%.

The company's earnings call was a bit more upbeat than I would have thought.

Source: Yahoo Finance As many of the companies in the index suffer continuous sales declines, they have been forced to lower prices via promotions/discounts to move inventory, which has resulted in depressed margins, which has led to lower SSS numbers, which forces them to reduce prices even further to attract customers and move inventory - and over a period of time, these companies are caught in a downward spiral that shows no signs of a near term slowdown.

Companies like Hibbett, Dick's Sporting Goods, Foot Locker, and Finish Line (NASDAQ: FINL) have seen their share prices decline anywhere from 40-60% YTD as consumer preferences for footwear and apparel change (and what they're willing to pay), mall visits slow down, and mobile shopping becomes more prevalent.

badly disappointed investors with its second-quarter earnings release.

(Jim Cramer shares his own thoughts on Foot Locker today in this piece.) With revenue of $1.7 billion, which was $100 million below consensus estimates, the company missed the earnings consensus of 90 cents a share by 28 cents.

However, I've gone a slightly different route to play what I believe to be a near-term overreaction by going smaller in size, as I typically do, in the form of Hibbett Sports.

I added to the position on Friday while shares were getting the stuffing knocked out of them as the market was digesting second-quarter results.

.7 billion, which was 0 million below consensus estimates, the company missed the earnings consensus of 90 cents a share by 28 cents.

However, I've gone a slightly different route to play what I believe to be a near-term overreaction by going smaller in size, as I typically do, in the form of Hibbett Sports.

I added to the position on Friday while shares were getting the stuffing knocked out of them as the market was digesting second-quarter results.

Although we initially specialized primarily in the marine and small aircraft business, by 1960, we were solely in the sporting goods business.

In 1965, we opened our second store, Dyess & Hibbett Sporting Goods, in Huntsville, Alabama, and hired Mickey Newsome, who is now Chairman of our Board.

The following year, we opened another sporting goods store in Birmingham and by the end of 1980, we had 12 stores in central and northwest Alabama with a distribution center located in Birmingham and our central accounting office in Florence. Today, we operate athletic specialty stores in small and mid-sized markets predominantly in the South, Southwest, Mid-Atlantic and the Midwest regions of the United States.

As a value investor, I sometimes will buy, right or wrong, what other investors shun, and that's the case here.

However, I am under no illusion at the outset that this will be a long-term play.

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