**Hibbett Q2 Sales Drop on Comps, H1 Sales Inch Forward**
**Birmingham, Alabama** – Sporting goods retailer Hibbett reported a decline in comparable store sales for the second quarter, while overall sales for the first half of the year saw a slight increase.
**Q2 Earnings Snapshot:**
For the three-month period ending August 26, 2023:
– Net sales decreased by 0.6% to $292.7 million, missing analyst estimates of $293.2 million.
– Comparable store sales dropped by 2.8%.
– Net income fell by 24.8% to $15.6 million.
– Diluted earnings per share came in at $1.44, below the consensus estimate of $1.53.
**H1 Performance:**
For the first half of the year:
– Net sales increased marginally by 0.7% to $586.9 million.
– Comparable store sales remained flat.
– Net income declined by 11.7% to $34.2 million.
– Diluted earnings per share decreased by 9.8% to $3.16.
**Challenges and Outlook:**
Hibbett attributed the Q2 sales decline to a number of factors, including:
– Challenging macroeconomic conditions.
– Increased competition in the sporting goods market.
– Supply chain disruptions.
The company expressed cautious optimism about the remainder of the year, citing the strength of its core customer base and the upcoming holiday season. However, Hibbett also noted that it is closely monitoring economic trends and will adjust its strategies accordingly.
CEO Jeff Rosenthal commented: .
