**Hibbett Sports Q2 Sales Decline, H1 Sales Inch Forward**.
**Birmingham, Ala.**—Hibbett Sports Inc. reported a net sales decrease of 6.4% to $323.1 million for the second quarter ended July 30, 2023, compared to $344.1 million in the prior-year period. Comparable store sales decreased 7.1% in the quarter..
The net loss for the quarter was $27.4 million, or $1.08 per share, compared to a net income of $6.9 million, or 27 cents per share, in the same period last year..
For the first half of fiscal 2023, net sales increased 2.4% to $690.8 million, compared to $674.4 million in the comparable period last year. Comparable store sales increased 1.3% during the first half..
The net loss for the first half of the year was $1.1 million, or 4 cents per share, compared to a net income of $14.7 million, or 58 cents per share, in the year-ago period..
The company said that the sales decline in the second quarter was driven by a number of factors, including macroeconomic headwinds, inflationary pressures, and a shift in consumer spending patterns..
Hibbett Sports President and CEO Jeff Rosenthal said that the company is taking steps to address these challenges, including reducing inventory levels, optimizing its store portfolio, and investing in digital capabilities..
.
