Hibbett Q3 earnings sweep past estimates and retailer raises profit guidance

Hibbett Inc. (HIBB) posted better-than-expected earnings for the third quarter on Tuesday, and raised its guidance, despite a still challenging retail environment. The sporting goods retailer posted net income of $25.5 million, or $2.05 a share, for the quarter, compared with $25.6 million, or $1.94 a share, in the year-earlier period. The FactSet consensus was for EPS of $1.18. Sales fell to $431.9 million from $433.2 million a year ago, also ahead of the $416.0 million FactSet consensus. Chief Executive Mike Longo said the company benefited from a strong back-to-school season in the first month of the quarter. "We also benefited from a more normal seasonal schedule of new launch products throughout the quarter, with a positive response from our loyal customers to the latest trend-relevant brands and products," he said in a statement. The company raised its full-year guidance and now expects EPS of $8.00 to $8.30, vs. prior guidance of $7.00 to $7.75 It still expects sales to be flat to up 2%. The stock has fallen 21% in the year to date, while the S&P 500 has gained 18%.

-Ciara Linnane

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11-21-23 0640ET

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