In its Q4 earnings report, Hibbett reported net income of $17.7 million, down from $23.9 million during the same period in 2021.
The report noted the athletic apparel retailer saw a “strong sales trend leading up to the Christmas holiday.” CEO and President Mike Longo attributed the lack of major growth to supply chain disruption, inflation fears, and the rise of the Omicron variant.
- Net sales increased 1.7% compared with the same period last year, from $376.8 million to $383.3 million.
- But comparable sales decreased by 1%.
- While e-commerce sales increased by 1.8%, brick-and-mortar comparable sales decreased by 1.6%.
Longo noted, “We have also achieved significant growth on a two-year basis.”
During the third quarter, the Alabama-based company posted a net income of $25.2 million — also slightly down from the same period in 2021.
The company’s fiscal year earnings provided a sunnier outlook.
Net sales reached $1.69 billion, a 19.1% increase from last year’s total of $1.42 billion — and a 42.8% increase from 2020.
Comparable sales went up by 17.4%, and brick-and-mortar comparable sales went up by 21.4%. E-commerce sales, however, posted a slight decline of 1.6%