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.