Hibbett stumbles on Q1 miss

Hibbett

27/05/2022 13:50

** Shares of sporting goods retailer Hibbett Inc  HIBB.O 
down 7% premarket at $47.51 - on track to break its two-day
winning streak if losses hold
    ** Q1 net sales down 16.3% at $424.1 million and net income
per share of $2.89, missing Wall Street estimates of $427.7
million and $3.09 - Refinitiv IBES data
    ** Co said Q1 2021 received a significant boost from
stimulus funds that did not reoccur in the current period
    ** Co's Q1 comparable sales decreased 18.9%, with brick and
mortar comparable sales declining 22.0% versus the prior year 
    ** Still, HIBB said the supply chain disruption experienced
by the company at the end of 2021 has improved and added that
its current inventory position is strong and consistent with its
forecast  urn:newsml:reuters.com:*:nBw8lbXqra
    ** Co reiterated its previous financial guidance for fiscal
2023
    ** Up to Thursday's close, stock had fallen 28.96%, compared
with an 8.73% decline in the S&P 500 Specialty Stores Sub Index
YTD

 (Reporting by Reshma Rockie George)
 ((Reshma.George@thomsonreuters.com))