Hibbett swings to a profit, sales beat expectations

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Hibbett Sports Inc. shares jumped 6.1% in Friday premarket trading after the athletic retailer swung to a fiscal second-quarter profit and reported sales that were well ahead of expectations. Net income totaled $40.4 million, or $2.38 per share, after a loss of $8.8 million, or 49 cents per share, last year. Adjusted EPS of $2.95 blew past the FactSet consensus for $1.15. Sales of $441.6 million were up from $252.4 million last year and also well ahead of the FactSet consensus for $350.0 million. Same-store sales increased 79.2%, with e-commerce sales more than tripling, up 212.2%, and brick-and-mortar comparable sales up 65.2%. “Our nearly 80% comparable sales results were driven by multiple factors, including pent-up consumer demand, temporary and permanent competitor store closures and government stimulus money,” said Mike Longo, chief executive of Hibbett, in a statement. For the second half of fiscal 2021, Hibbett expects comparable sales up in the mid-single digits and EPS in the range of 85 cents to $1. Hibbett stock has gained 7.4% for the year to date while the S&P 500 index is up nearly 8%.
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