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Hibbett Shares Reverse Losses Despite Earnings, Revenue Miss -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Stocks sporting goods retailer Hibbett Sports Inc (NASDAQ) recovered its losses following earnings that were below analysts expectations and ended the session with a gain of 2.8%.

The stock plummeted to $45.33 Friday morning earlier.

Birmingham-based company reported earnings per share at $1.25 for revenue of $383.35 millions. The polled analysts Investing.comExpected EPS of 1.35 for revenue $414.66 Million

Fourth-quarter comparable sales at Hibbett decreased by 1%. Brick and mortar sales comparables fell by 1.6% while e-commerce sales comparable sales rose 1.8%.

After a strong trend in sales leading to Christmas, the company stated that traffic and transactions decreased in the last half of quarter.

The company stated that disruption in supply chains, especially in footwear, and consumer concerns about inflation, as well as an increase in COVID-19 case numbers driven by Omicron, were key contributors.

In the coming 52-weeks, Hibbett expects that the company will face additional challenges. Hibbett mentioned ongoing supply chain disruptions, lack of stimulus or unemployment benefits, inflation pressures, wage pressures and a more prudent consumer as some potential headwinds for this year.

Hibbett anticipates that total net sales will be flat for this year and comparable sales in the low single digits.

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