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Article Date: August 2023
Word Count: 421

Hibbett Profits Halved in Q2


Net income declined 56% in the second quarter to $10,902,000 from $24,713,000, hit by promotions and rising costs, as revenues dipped 5% to $374,877,000 from $392,805,000 including a -7.3% comp. Brick-and-mortar comps declined 7.7%, while e-commerce was down 5.2%, accounting for 15.1% of total revenues. Results improved through the quarter, and comps were positive in July when Back-to-School shopping got underway. HIBB’s small market stores fared relatively well, but its customers faced the same inflationary pressures pushing up prices of food, utilities and gas, leaving less in the budget for sneakers. ... Log in to view full article.

 


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