In the latest update, U.S. sporting goods retailer Hibbett discloses a marginal 0.3% dip in net sales for Q3, totaling $431.9 million. The setback is attributed to a reduction in comparable sales at the company’s brick-and-mortar outlets.
For the 13 weeks concluding on October 28, there was a 2.7% decrease in comparable sales, marked by a 5.4% drop in brick-and-mortar figures. However, the bright spot lies in a robust 12.6% year-over-year surge in e-commerce sales.
Maintaining stability, net income for this quarter remained at $25.5 million, translating to $2.05 per diluted share—mirroring figures from the corresponding period in the previous year.
Over the initial nine months, there’s an encouraging 1% upswing in net sales, reaching $1.26 billion, according to reports from the Alabama-based Hibbett.
Expressing confidence, Mike Longo, President, and CEO of Hibbett, remarked, «Our solid financial results for Q3 of fiscal 2024 reflect our ability to consistently execute our strategy, and we believe we continue to gain market share in a challenging retail environment.»
Longo attributes the quarter’s performance to a robust back-to-school season and a more normalized schedule of new product launches, eliciting a positive response from loyal customers.
Buoyed by this upward trend, Hibbett revises its fiscal 2024 earnings guidance, elevating it from $7.00 to $7.75 diluted earnings per share. The company now anticipates reporting between $8.00 and $8.30 diluted earnings per share for the entire fiscal year.
Looking ahead to the crucial fourth quarter and the bustling holiday season, Longo exudes optimism, stating, «We expect to benefit from additional new product launches that will continue to attract and retain customers and extend our market reach.»
Longo assures stakeholders that previous supply chain issues are resolved, instilling confidence in the company’s ability to meet customer demand with a favorable inventory level.
In summary, Hibbett positions itself for a robust finish to fiscal 2024, focusing on serving customers and delivering enhanced value for its shareholders.
Stay tuned for more updates and insights into Hibbett’s performance in the evolving retail landscape.
