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Sunday, April 21, 2024
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Hibbett’s Net Sales Jump to $381.7M

Hibbett Sports/Design: Alex Brooks

Hibbett, Inc. posted a 15.2% year-over-year increase in third-quarter net sales to $381.7 million — up 38.6% from 2019.

Net income for the quarter reached $25.2 million, a slight decrease from the $25.3 million recorded during the same period last year.

The athletic apparel retailer attributed its growth in sales to increased market share, product availability, and improved customer engagement.

  • Brick-and-mortar sales increased 11.6%. The company opened seven new stores and closed one during the quarter.
  • Ecommerce sales jumped 22.3%, accounting for 14% of total net sales.
  • President and CEO Mike Longo said the company saw “a higher average ticket, and a greater number of items purchased per transaction.”

Despite supply chain challenges, Hibbett recorded $258.8 million in inventory at the end of the quarter, up 22.8% from the same period last year. The retailer also ended the quarter with $29.7 million in cash and cash equivalents.

During the three months ending Oct. 30, Hibbett repurchased 1.4 million shares of common stock for a total of $117.8 million. The company plans to invest around $70 million of capital in growth opportunities during fiscal year 2022. 

Hibbett’s net sales have jumped 25.4% to $1.31 billion year-to-date, up from $1.04 billion last year.

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