Hibbett 4Q Profit Exceeds Estimates As E-commerce Sales Boom; Shares Tank 4%
Hibbett Sports, an athletic-inspired fashion retailer, posted
better-than-expected fiscal 4Q earnings, driven by strong
e-commerce sales. Meanwhile, net sales for the quarter missed
analysts’ expectations. Shares closed almost 4% lower on March 5.
Hibbett’s (HIBB) 4Q adjusted earnings more than doubled to $1.40
per share, compared to $0.51 reported in the prior-year period, and
beat analysts’ expectations of $1.37. Net sales of $376.83 million
missed the Street’s estimates of $378.42 million but advanced 20.4%
from the year-ago period. The company’s comparable sales increased
21.9%, while brick and mortar comparable sales surged 17.7%.
E-commerce comparable sales jumped 44.8%. Additionally, the
adjusted gross margin was 37.1%, up from 31.