Hibbett, an American sporting goods retailer, reported a decrease in its second-quarter sales despite positive comparable sales growth. First-half sales, on the other hand, increased marginally.
**Second-Quarter Results**
– Total sales decreased by 0.3% to $343.6 million, as compared to $344.5 million in the same period last year.
– Comparable-store sales (comps) rose by 1.6%, driven by increased demand for athletic footwear and apparel.
– Gross profit decreased by 0.5% to $104.1 million, resulting in a slight decline in gross margin to 30.3%.
**First-Half Performance**
– Total sales edged up by 0.4% to $708.7 million, compared to $706.2 million in the previous year.
– Comps for the first half increased by 1.5%.
– Gross profit rose by 1.2% to $214.2 million, with gross margin remaining stable at 30.2%.
**Executive Commentary**
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