Hibbett, Inc. reported fiscal third-quarter net sales decreased 0.3 percent to $431.9 million for the 13 weeks ended October 28, compared with $433.2 million for the corresponding period in 2022. Comparable sales decreased 2.7 percent versus the prior-year period. Brick-and-mortar comparable sales declined 5.4 percent, while e-commerce sales increased 12.6 percent on a year-over-year basis.
Gross margin was 33.9 percent of net sales for the third quarter, compared with 34.3 percent of net sales for the year-ago quarter.
Net income for the third quarter, was $25.5 million, or $2.05 per diluted share, compared with net income of $25.6 million, or $1.94 per diluted share, for the year-ago period.
Hibbett opened 10 net new stores during the 13-week period ended October 28, bringing the store base to 1,158 in 36 states.
Inventory was $398.1 million at quarter-end, a 1.7 percent decrease compared to the prior year third quarter-end and down 5.4 percent from the beginning of the fiscal year.
Fiscal 2024 Outlook
Hibbett said that although the current retail business climate remains challenging as consumer demand has been negatively impacted by persistent inflation and higher interest rates, among other factors, the retailer raised its full-year Fiscal 2024 diluted EPS guidance and updated several other components of guidance.
HIBB shares were up nearly 17 percent in pre-market trading on Tuesday.
For more details about Hibbett’s third quarter, including gender and category trends, and senior management commentary on the quarter, the Nike Connected Partnership and the outlook for the year, read more here: