- Telsey Advisory Group analyst Cristina Fernández reiterated an Outperform rating on the shares of Hibbett Inc HIBB with a price target of $70.
- The company reported an EPS of $2.74, missing the analyst consensus, and sales of $455.50 million, which missed the consensus of $460.40 million.
- The analyst had expected softness in Hibbett's 1Q23 and lowered guidance following Foot Locker, Inc's FL result.
- According to the analyst, the results reflect the lowered demand for discretionary products, a buildup of inventory, and the need to increase markdowns to move product.
- These trends are expected to be most acute in 2Q23 and led to a large ~25% cut to Hibbett's 2023 EPS guidance to $7.00-$7.75 from $9.50-$10.00.
- Price Action: HIBB shares are trading lower by 8.99% at $40.19 on the last check Friday.
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