Hibbett raised its forecast for the rest of the year on Friday following its second-quarter earnings report.
The athletic fashion retailer recorded $419.3 million in net sales, a 66.1% increase from 2019 but a 5.1% decrease from last year.
Hibbett blew past Wall Street’s estimates of $320.89 million.
President and CEO Mike Longo said that despite supply chain disruptions, the company’s inventory position actually improved, reaching $216.8 million, a 19.1% increase from the same period last year.
The report comes two days after its much larger rival Dick’s Sporting Goods also raised its 2021 forecast. Academy Sports is scheduled to report earnings Sept. 9.
- Dick’s generated $3.27 billion in Q2 revenue.
- Net income for Dick’s reached $495.5 million, up from $276.8 million during the same period last year.
Hibbett has 1,080 stores, opening 11 during the quarter. It also repurchased 989,388 shares of common stock for $83.5 million.
Net sales for the first half of Hibbett’s fiscal year were $926.1 million, well above the $711.4 million for the same period in 2020, and 55.5% over the H1 2019 total of $595.7 million.