Hibbett Sports Turns To Profit In Q2 - Quick Facts

(RTTNews) - Hibbett Sports Inc. (HIBB) reported that its second-quarter net income was $40.4 million or $2.38 per share, compared to a net loss of $8.8 million or $0.49 per share last year.

On an adjusted basis, net income was $50.0 million, or $2.95 per share, compared to adjusted net loss of $2.4 million, or $0.13 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share. Analysts' estimates typically exclude special items.

Net sales increased 74.9% to $441.6 million from $252.4 million last year. Analysts expected revenue of $349.58 million for the quarter.

Comparable sales increased 79.2%. Brick and mortar comparable sales increased 65.2%. E-commerce sales grew by 212.2% and represented 15.7% of total net sales for the second quarter compared to 8.6% in the prior year second quarter.

The company believed the increase in overall sales was positively impacted by pent-up consumer demand, temporary and permanent store closures by our competitors, and stimulus money which increased traffic to stores and website.

For the second half of the Fiscal 2021, the company expects earnings per share to be in the range of $0.85 to $1.00,and comparable sales increases in the mid-single digits.

In Friday pre-market trading, HIBB was trading at $32.22 up $2.12 or 7.04 percent.