Hibbett Q2 Profit Tops Estimates, Comps. Down 7.3%; Reiterates FY24 Guidance

(RTTNews) - Hibbett, Inc. (HIBB) reported second-quarter net income of $10.9 million, or $0.85 per share, compared with net income of $24.7 million, or $1.86 per share, prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.73, for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased 4.6% to $374.9 million compared with $392.8 million, prior year. Comparable sales decreased 7.3%. Analysts on average had estimated $376.11 million in revenue.

Brick and mortar comparable sales declined 7.7% while e-commerce sales decreased 5.2%. E-commerce represented 15.1% of total net sales for the quarter.

As of July 29, 2023, the company had $33.1 million of available cash and cash equivalents on unaudited condensed consolidated balance sheet and $106.9 million of debt outstanding on $160.0 million unsecured line of credit.

The company reiterated its fiscal 2024 guidance.

Shares of Hibbett are up 4% in pre-market trade on Friday.

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