Hibbett Sports crushed top and bottom line estimates for the first quarter, on the back of solid growth in same-store and digital sales.
The sporting goods retailer reported adjusted earnings of $1.61 per share, surging past analysts’ expectations of $1.32 per share.
Net sales for the quarter climbed +25% year-over-year to $343.3 million, topping analysts' consensus estimate of $327 million. Hibbett’s total sales for the quarter included nearly $60 million from its City Gear acquisition. Also, same-store sales grew +5.1%, which is far above the -0.7% decline analysts had forecasted.
Hibbett’s President and CEO Jeff Rosenthal emphasized that strong performance in both physical stores and e-commerce channels contributed to the first quarter results. The company mentioned that relatively less sales from licensed products and team sports items were offset by gains in footwear and sneaker-connected apparel and accessories.
Looking ahead, the company now projects fiscal 2020 per-share earnings in the range of $1.70 to $1.85, which is higher than its previous forecast of $1.50 to $1.70. As for comparable store sales, Hibbett now predicts growth range of +0.5% to +2%, versus prior guidance of down -1% to up +1%.