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Article Date: March 2019
Word Count: 531

Hibbett Sales Surge, But Net Falls on Acquisition Costs


City Gear acquisition costs pulled down Hibbett’s net income in the final quarter ended Feb. 2 to $6,634,000, a 32% decline from $9,733,000 last year, but revenues jumped 15% to $305,964,000 from $266,738,000 including a +3.8% comp and despite missing $13.5 million from the 53rd week last year. E-commerce sales gained 60% and continued to improve sequentially, now representing 10.6% of sales, up from 8.8% in Q3, driven by BOPIS and the mobile app. The quarter got off to a slow start with a -5.5% comp in Nov. before accelerating to +6.2% in Dec. and +11.2% in Jan. with “healthy ... Log in to view full article.

 


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