**Hibbett, a leading athletic-inspired fashion retailer, has reported mixed results for its second quarter (Q2) and first half (H1) of fiscal 2023.**.
**Q2 Sales Decline**.
Total sales for Q2, which ended on July 30, 2023, decreased by 3.7% to $465.5 million, compared to $483.7 million in the same period last year. This decline was primarily driven by a drop in comparable store sales, which fell by 4.8%..
**H1 Sales Increase**.
Despite the Q2 sales decline, Hibbett’s H1 sales showed a modest increase. For the six months ended July 30, 2023, the company reported total sales of $955.5 million, up 1.2% compared to $943.9 million in the first half of fiscal 2022. This growth was attributed to new store openings and a slight increase in comparable store sales..
**Profitability Metrics**.
Gross profit for Q2 decreased by 7.6% to $150.3 million, resulting in a gross margin of 32.3%, down from 35.1% in Q2 2022. The company attributed this decline to higher merchandise costs and promotional activity..
Net income for Q2 plummeted by 46.2% to $17.4 million, compared to $32.3 million in the prior year period. This resulted in diluted earnings per share (EPS) of $1.02, down from $1.86 in Q2 2022..
**Outlook**.
For the full fiscal year 2023, Hibbett has revised its sales guidance downward. The company now expects comparable store sales to decline in the low single digits, compared to previous guidance of flat to slightly positive growth. Total sales are projected to be in the range of $1.90 billion to $1.92 billion, down from the previous range of $1.94 billion to $1.97 billion..
Hibbett CEO Jeff Rosenthal commented on the results, saying, .
