Hibbett Inc. reported lower-than-expected earnings in the first quarter as sales fell without government-sponsored consumer spending a year ago.
The sportswear retailer posted a net profit of $ 39.3 million, or $ 2.89 a share, for the quarter to April 30, up from $ 84.8 million, or $ 5 a share, a year ago.
Analysts expected earnings of $ 3.05 per share.
Net sales fell 16% to $ 424.1 million, compared to estimates for $ 418 million.
The company stressed that comparable sales fell 19% compared to the previous year, but remain 23% higher than the first quarter of 2020, before the pandemic.
The company’s share is down 3.6% in pre-conference trading.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
