Hibbett falls on dour Q4 results, soft annual forecast

Hibbett

03/03/2023 13:34

** Shares of athletic apparel retailer Hibbett Inc  HIBB.O 
fall 1.3% to $69.58 before the bell
    ** HIBB issues soft guidance for FY24, says consumers to be
more cautious on discretionary spending that will negatively
impact margins
    ** Co expects FY24 net sales to be up mid-single digit, 
compared with estimates of growth of 6.8% to $1.82 bln, per four
analysts on Refinitiv
    ** Sees 2024 profit in the range of $9.50 to $10.00, while
analysts expect $10.40 per share     
    ** Forecasts full-year gross margin to decline nearly 20-30
basis points  
    ** Co misses Q4 revenue and profit estimates 
    ** "As we look ahead to fiscal 2024, we believe there are
several headwinds including inflation, higher interest rates and
a more promotional retail environment," says CEO Mike Longo
    ** Up to Thursday's close, stock rose 47.4% in past 12
months 

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth))