Hibbett Inc. shares plunged 11.4% in pre-conference trading as the sports retail company issued a sell and profit warning.
Sales for the quarter ended Jan. 29 are expected to reach $ 383.3 million, up from $ 376.8 million.
Comparable sales fell 1%.
Comparable gains are expected to be $ 1.18-1.25 against previous estimates for $ 1.85-2.05.
Convergent estimates point to $ 414.7 million in sales, a 8.8% increase in comparable sales and $ 1.99 per share.
“Ongoing supply chain challenges, inflation concerns and rising incomes have weighed in the second half of the quarter,” said Mike Longo, chief executive officer.
For the year, sales are expected to reach $ 1.69 billion from $ 1.42 billion last year, comparable sales are expected to be higher by 17.4% and earnings per share are expected to reach 11.15- $ 11.20.
FactSet convergent estimates put the figure at $ 1.723 billion, up 19.6% from comparable sales and $ 11.83 per share. Hibbett is expected to announce quarterly results on March 11.
For 2022 the company is talking about unchanged sales, reduction of comparable sales by a low single digit percentage, drop of the gross margin by 130 basis points to 160 basis points, and earnings per share of $ 9.75-10.50 per share.
Convergent estimates point to $ 1.785 billion in sales, a 0.3% drop in comparable sales and $ 10.53 a share.
Source: Capital
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