Hibbett Q2 sales down on comps drop, H1 sales inch forward
U.S. sports fashion retailer Hibbett said revenues decreased 4.6% to $374.9 million in the second quarter, on the back of a 7.3% drop in comparable store sales.
The Birmingham, Alabama-based company said brick-and-mortar comparable sales declined 7.7% during the thirteen-week period, while e-commerce sales decreased 5.2% on a year-over-year basis.
Net income for the quarter ended July 29 fell to $10.9 million, or $0.85 per diluted share, compared with net income of $24.7 million, or $1.86 per diluted share for the same period last year.
“We are pleased with our performance for the second quarter of fiscal 2024. Our business model focuses on providing an exceptional consumer experience in underserved markets and produced solid financial results despite a challenging retail environment,” said Mike Longo, president and chief executive officer.
“Our sales for the second quarter were supported by a strong start to the busy back-to-school season and we also benefited from a positive customer response to new product launches during the quarter. Our strong relationships with valued brand partners continue to provide us the ability to offer a compelling product assortment and as a result, we believe we continue to gain market share.”
Despite the decline in sales for the second quarter, Hibbett said sales increased 1.7% to $830.4 million for the first half of the year.
Looking ahead, Hibbett reiterated its full-year fiscal 2024 guidance confirming sales will be flat to 2% growth for the twelve months.
