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Article Date: May 2020
Word Count: 456

Hibbett Swings to Loss in Q1 on Impairment Charge


Net loss in the first quarter was $15,287,000 that included a $19,661,000 non-cash goodwill impairment charge against a profit of $27,857,000 last year on 21% lower revenues of $269,837,000 down from $343,295,000. Same store sales declined 19.5% due to the Hibbett and City Gear store fleet only being open for about 60% of the total available selling days in the quarter. Store comps were down 34%, but e-commerce got a huge boost from the pandemic, as online sales were up 110% on 80% higher traffic and 26% higher conversions. Over 40% of online sales in the second half of the ... Log in to view full article.

 


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