Athletic apparel retailer Hibbett Inc. reported another underwhelming quarter in its latest earnings report.
The Birmingham, Alabama-based company, which has 1,105 stores across 35 states, generated $424 million in sales for the quarter ending April 30, 2022 — a 16.3% decrease year-over-year.
- Comparable sales fell 19% compared to the quarter ending May 1, 2021.
- E-commerce sales grew 4% year-over-year but represented only 15% of total net sales.
- Net income reached $39.3 million, down from $84.8 million for the quarter ending May 1, 2021.
Hibbett is making an attempt to alleviate the recent financial woes.
The retailer repurchased 491,218 shares for $22.4 million during the first quarter. It also increased its inventory by approximately $94 million and announced that its plan to open 30-to-40 new brick-and-mortar stores is still on schedule.
Hibbett is expecting supply chain constraints, pandemic-related issues, inflation pressures, and geopolitical conflicts to impact its financial performance in FY2023.
The company estimates net sales will be relatively flat compared to FY2022.