Hibbett Sports seems to have hit its latest results out of the park.
Reporting adjusted earnings of 57 cents per share for its fourth quarter ended Feb. 2, the sporting goods retailer crushed analysts’ estimates of 39 cents.
What’s more, Hibbett’s quarterly revenue of $306 million surpassed estimates of $280 million. The company’s same-store sales grew +3.8% year-over-year, beating analysts’ expectations of a flattish growth.
President and CEO Jeff Rosenthal pointed out that Hibbett’s digital sales surged +60% to account for 10.6% of the company’s total sales in the fourth quarter. Rosenthal cited “significant progress on our strategic initiatives along with compelling assortments from our key vendors" as key factors that bolstered the firm’s latest performance.