Hibbett Sports, Inc. (NASDAQ: HIBB), a leading athletic footwear and apparel retailer, reported its financial results for the third quarter (Q3) ended November 5, 2023, indicating a slight sales decline but an optimistic outlook for the full fiscal year..
Key Highlights:.
– Net sales decreased by 0.8% to settle at $313.1 million compared to $315.7 million in Q3 2022..
– Comparable store sales, representing sales from stores open for at least a year, saw a dip of 1.6%..
– However, the company noted that e-commerce sales experienced strong growth in the quarter..
– Net income climbed to $35.1 million, reflecting a surge of 19.6% from $29.4 million in the prior-year period..
– Diluted earnings per share recorded a robust increase of 22.2%, reaching $2.26 compared to $1.85 in Q3 2022..
– For the full fiscal year 2023, Hibbett raised its earnings per share guidance. It now anticipates earnings in the range of $7.10 to $7.25 per diluted share, adjusted for one-time charges. This is a revision upward from the previous guidance of $6.90 to $7.10 per diluted share..
Despite the slight decline in sales during Q3, the company expressed optimism for the holiday season. It attributed this optimism to positive customer response to its merchandise offerings and the efforts of its store teams. Hibbett also highlighted the strength of its e-commerce channel, which saw double-digit growth and contributed to the overall expansion of its customer base..
CEO Jeff Rosenthal commented on the results, stating, .
