Hibbett Sports (HIBB, $52.50) Q1 earnings...

Abhoy Sarkar

published in Blogs

May 30, 2022

Hibbett Sports (HIBB, $52.50) Q1 earnings missed Zacks Consensus Estimate

Hibbett Sports posted first quarter earnings that fell short of Zacks Consensus expectations. Revenue, however, topped estimates despite a year-over-year decline.

The sports apparel company’s adjusted earnings came in at $2.89 per share for the quarter, below Zacks Consensus Estimate of $3.29. The EPS is -42% lower than the year-ago quarter’s $5.00.

Net sales plunged -16.3% year over year to $424 million for the quarter, but exceeded Zacks Consensus Estimate of $406 million.

Comparable store sales (comps) decreased +18.9%, while in-store comps fell -22% .

E-commerce sales climbed +4.1% for the quarter under review. It soared + 116.9% on a two-year basis.

The gross profit margin contracted 440 basis points (bps) to 37% due to high store occupancy, increasing average product costs, and higher freight and transportation costs. Operating margin contracted -970 bps to 12% for the quarter.

Hibbett updated its FY 2023 earnings toutlook to $9.75-$10.50 per share, and its FY23 forecast to $9.75-10.50 a share.

Related Tickers: HIBB

Related Portfolios: Industry focus - Sporting goods

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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published in Blogs

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Abhoy Sarkar

published in Blogs

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