- Athletic-inspired fashion retailer Hibbett Inc HIBB reported a second-quarter FY22 sales decline of 6.3% year-on-year to $392.81 million, missing the consensus of $395.12 million.
- Comparable sales decreased 9.2% versus the prior year but increased by 54.4% versus 2Q20.
- Brick and mortar comparable sales declined 11.9%, while e-commerce sales increased 8.3% on a Y/Y basis.
- The gross margin contracted 460 basis points Y/Y to 34.4%. The operating margin compressed from 14.7% to 8.4%, and operating income for the quarter fell 47% to $32.8 million.
- EPS of $1.86 missed the analyst consensus of $2.18.
- Hibbett held $28.4 million in cash and equivalents as of July 30, 2022.
- Store count at the end of Q2 was 1,117 versus 1,080 last year.
- Inventory at Q2 end was $366.2 million, a 68.9% increase over last year.
- CEO Mike Longo said, "Looking ahead, we believe we are well-positioned as we enter the second half of the year. Inventory was well positioned at the end of the second quarter resulting in favorable sales trends for the back-to-school shopping season, and we anticipate continued improvement from a supply chain standpoint."
- Outlook: Hibbett expects FY23 sales to increase in the low-single-digit range in dollars (prior view: relatively flat).
- HIBB expects FY23 comparable sales to be flat to positive low-single digits (previous view: negative low-single digits).
- It reiterated the FY23 EPS forecast of $9.75 - $10.50 versus the consensus of $9.66.
- Price Action: HIBB shares are trading higher by 5.79% at $60.68 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
