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Article Date: December 2021
Word Count: 534

Hibbett Profits Pressured By Supply Chain Costs


Net income inched down to $25,192,000 in the third quarter from $25,266,000 last year, despite a 15% top line improvement to $381,719,000 from $331,383,000, including a +13.0% blended comp, lapping last year’s blockbuster +21.2% gain. Brick and mortar comparable sales increased 11.6% and e-commerce sales increased 22.3%, representing 14.0% of sales. Items per sale and average ticket both improved, helped by a very strong Back-to-School season compared to last year. HIBB credited upgrades to its loyalty program and investments in social media marketing for boosting retention of the many new customers is has attracted since the pandemic began.

 

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