logo
  

Hibbett Q3 Profit Beats Estimates; Raises FY22 Comp. Sales, Earnings Guidance

Hibbett, Inc. (HIBB) said its business continued to experience positive momentum during the third quarter. Comparable sales increased 13.0%, as brick and mortar comparable sales increased 11.6% and e-commerce sales increased 22.3%. E-commerce represented 14.0% of total net sales for the period.

Net income for the 13-week period ended October 30, 2021, was $25.2 million, or $1.68 per share, compared to adjusted net income of $24.9 million, or $1.45 per share for the 13-week period ended October 31, 2020. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $1.57, for the quarter. Analysts' estimates typically exclude special items.

Net income was $25.2 million, or $1.68 per share, compared to net income of $25.3 million, or $1.47 per share, a year ago.

Net sales for the 13-week period ended October 30, 2021, increased 15.2% to $381.7 million from $331.4 million for the 13-week period ended October 31, 2020. Analysts on average had estimated $360.63 million in revenue.

For the fourth quarter, on a GAAP basis, earnings per share is expected in the range of $1.85 - $2.05. Comparable sales are expected to be in the positive high single-digits, which is an upward revision from previous guidance. Analysts expect the company to report profit per share of $1.65.

For fiscal 2022, on a GAAP basis, earnings per share is expected in the range of $11.70 - $11.90, which is an upward revision from previous guidance. Comp sales percentage growth is estimated in the positive high teens. Analysts expect the company to report profit per share of $11.0.

For fiscal 2022, the company reiterated plan to invest approximately $70.0 million of capital on attractive organic growth opportunities. Also, the company plans to opportunistically allocate capital to share repurchases and remains dedicated to returning capital to stockholders in the form of regular quarterly dividend of $0.25 per share.

Shares of Hibbett were up 6% in pre-market trade on Friday.

For comments and feedback contact: editorial@rttnews.com

Business News

RELATED NEWS
Follow RTT