The athletic specialty retailer’s net income, at $6.5 million, or 29 cents per share, declined 7 percent year-over-year but topped forecasts for diluted earnings per share of 27 cents. Meanwhile, revenues grew 4 percent year-over-year, to $207 million, but missed forecasts predicting revenues of $209 million. Comparable store sales edged up slightly with a 0.8 percent gain.
Hibbett president and CEO Jeff Rosenthal said he was pleased with the overall results and “encouraged” by the firm’s progress on several initiatives, which include a ramped-up omnichannel approach.
“Footwear continues to show significant strength, driven by our differentiated assortment and continued improvement in allocation and in-stock position,” Rosenthal said in a release. “We also continue to see improvement in our merchandise margin rate, driven by improved systems and promotional management.”
The company adjusted its fiscal year outlook and now expects earnings per diluted share in the range of $2.93 to $3.02 from a previously reported range of $2.90 to $3.04.
“Looking forward, we feel we are well positioned for our back-to-school season with our product assortments and early deliveries of merchandise for this important period,” Rosenthal said.
As of 11:30 a.m. ET, Hibbett shares had gained 3 percent, to $39.16.