Hibbett shares fall as Q1 sales miss analysts' estimate

Hibbett Inc. (HIBB) reported better-than-expected profit before market open Wednesday, although sales came in below analysts' estimate. The sporting goods retailer posted net income of $32.5 million, or $2.67 a share, for the quarter, compared with $35.9 million, or $2.74 a share, in the same period last year. Analysts surveyed by FactSet were looking for earnings of $2.58 a share. Sales fell to $447.2 million from $455.5 million in the year-ago quarter. Analysts surveyed by FactSet were looking for sales of $452.9 million. Hibbett shares are down 0.6% in premarket trades. "Our sales and diluted earnings per share for the first quarter of Fiscal 2025 were in line with our expectations in a very challenging athletic footwear and apparel retail market," said Hibbett Chief Executive Officer Mike Longo in prepared remarks. Hibbett's same-store sales declined 5.8%. Analysts surveyed by FactSet were looking for a 4.3% decline. The Alabama headquartered sportswear seller did not update its previously-issued financial guidance, citing its pending transaction with JD Sports Fashion. In April JD Sports (JD) announced a deal to buy Hibbett for $1.1 billion. Hibbett shares are up 19.8% in 2024, outpacing the S&P 500 index's gain of 10.9%.

-James Rogers

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06-05-24 0734ET

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