After a disappointing second quarter, Hibbett, Inc. rebounded nicely with a strong end to its fiscal year.
The athletic-inspired fashion retailer reported net sales of $458.3 million during the fourth quarter — a 19.6% increase from the same period in the previous fiscal year.
It led to Hibbett posting a record $1.7 billion in net sales for the year.
CEO and president Mike Longo noted that the company was “especially pleased” with its e-commerce business, which increased comparable sales 21.4% in Q4 and 14% for the year.
On the other hand, brick-and-mortar sales increased 14.3% year over year for the quarter — but actually decreased 4.9% for the entire year.
Hibbett may have achieved the feat by cutting costs: Capital expenditures were $15.4 million for the quarter, compared to $27.3 million for the same quarter a year before.
Longo is expecting some challenges as the company turns its calendar.
“As we look ahead to Fiscal 2024, we believe there are several headwinds including inflation, higher interest rates and a more promotional retail environment,” he said in a statement.
Meanwhile, another company in the sporting goods space is not experiencing the same type of success.
Retail Ecommerce Ventures LLC — the owner of Modell’s Sporting Goods, as well as other companies like Pier 1 Imports and RadioShack — is reportedly seeking financing for a possible bankruptcy.
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