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Athletic-inspired fashion retailer Hibbett, Inc. (NASDAQ:HIBB) reported first-quarter FY23 sales growth of 7.4% year-on-year to $455.50 million, missing the consensus of $460.40 million.
- EPS of $2.74 missed the analyst consensus of $3.04.
- Consumer confidence has weakened, which has impacted purchasing behavior, especially for discretionary products and services. These factors weighed on the quarter under review.
- Comparable sales increased by 4.1% versus the prior year.
- Brick and mortar comparable sales were up 4.7%, while e-commerce sales increased 0.6% on a year-over-year basis.
- The gross margin contracted 330 basis points Y/Y to 33.7%, dragged by lower average product margin due to higher promotional activity across footwear and apparel.
- Hibbett held $26.9 million in cash and equivalents as of April 29, 2023.
- Store count at the end of Q1 was 1,143 versus 1,105 last year.
- Inventory at Q1 end was $438.0 million, a 39.1% increase Y/Y.
- CEO Mike Longo said, "Notwithstanding our more cautious near-term consumer outlook, we believe Hibbett remains well positioned for the long-term to continue to grow and increase market share."
- Outlook: Hibbett lowered its FY24 outlook.
- The company expects sales to be flat or rise by up to ~2.0% in dollars. Earlier, the company expected sales to be up mid-single digits.
- Diluted EPS is expected to be $7.00 to $7.75, lower than prior guidance of $9.50 to $10.00. The analyst consensus is at $9.26.
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Price Action: HIBB shares were down 9.4% at $40.01 at the last check on Friday.
Photo: Shutterstock
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.