- Hibbett Inc (NASDAQ:HIBB) reported a second-quarter FY22 sales decline of 5.1% year on year, to $419.26 million, beating the analyst consensus of $320.89 million. Net sales improved 66.1% from the 13 weeks ended August 3, 2019.
- The company noted that Q2 FY21 experienced a significant boost from market disruption, pent-up demand, and the first round of stimulus payments.
- Comparable sales declined 6.4% versus last year, as brick and mortar comparable sales declined 3.8% and e-commerce sales fell 20.4%.
- The gross margin expanded 200 basis points Y/Y to 39%.
- The operating margin was 14.7%, and operating income for the quarter rose 9.2% to $61.5 million.
- EPS of $2.86 beat the analyst consensus of $1.42.
- Hibbett held $176.8 million in cash and equivalents as of July 31, 2021.
- Store count at the end of Q2 was 1,080 versus 1,077 last year.
- Inventory at Q2 end was $216.8 million, a 19.1% increase over last year.
- "Our inventory position improved during the quarter despite ongoing disruptions in the supply chain and helped drive quarterly sales," said CEO Mike Longo.
- Outlook: Hibbett raised FY22 EPS outlook to $11.00 - $11.50 on a share count of approximately 16.2 million (prior $8.50 - $9.00 on a share count of 16.9 million) versus the consensus of $9.19.
- Comparable sales to be in the positive mid-teens (prior guidance of positive high-single digits to positive low-double digits)
- Price Action: HIBB shares are trading lower by 10.6% at $88.48 on the last check Friday.
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