Hibbett Inc tumbles on weak 2023 sales forecast

Hibbett

04/03/2022 14:25

** Shares of sporting goods retailer  HIBB.O  down ~8% at
$44.15 pre-market after co forecast fiscal 2023 net sales below
estimates
    ** Co expects 2023 total net sales to be relatively flat in
dollars compared to fiscal 2022 where as analysts' estimate a
0.84% rise, per Refinitiv IBES data  urn:newsml:reuters.com:*:nASA033EX
    ** Co sees gross margin as a percent of net sales to decline
by about 130 to 160 basis points as a result of ongoing supply
chain challenges and inflationary pressures 
    ** Also expects 2023 comparable sales to be in the negative
low-single digits   
    ** Co also missed Q4 profit estimates due to ongoing supply
chain challenges, inflation and increased COVID-19 cases
    ** CEO Mike Longo says these negative factors that impacted
traffic and transaction volume from late December through
January will begin to subside in the coming months  urn:newsml:reuters.com:*:nBwbClgyPa
    ** Up to Thursday's close, stock had fallen ~34% this year,
after having gained ~56% in 2021

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com))