Hibbett slumps after Q3 sales, profit miss expectations

Hibbett

29/11/2022 13:50

** Shares of athletic apparel retailer Hibbett Inc  HIBB.O 
down ~7% at $63 before the bell 
    ** Stock on pace to fall for third consecutive session if
current losses hold 
    ** HIBB misses Wall Street estimates for Q3 results 
    ** Posts profit of $1.94/share on revenue of $433.2 mln,
missing est. for earnings of $2.51/share and revenue of $445.7
mln
    ** "We had expected a good 3Q22 following
better-than-expected results from Foot Locker and Dick's
Sporting Goods as Hibbett benefited from a strong back-to-school
and better inventory" - Telsey Advisory Group analyst Cristina
Fernández
    ** Co, however, maintains its FY forecasts
    ** Up to Monday's close, stock had fallen ~6% this year
 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))