Hibbett Inc. (HIBB), an athletic-inspired fashion retailer, reported Friday that its fourth-quarter net income dropped to $30.9 million or $2.55 per share from last year's $38.4 million or $2.91 per share.
On average, eight analysts polled by Thomson Reuters expected the company to earn $2.56 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the 14-weeks ended February 3 increased 1.8 percent to $466.6 million from $458.3 million for the 13-weeks ended January 28, 2023. The Street was looking for sales of $477.49 million for the quarter.
Comparable sales declined 6.4 percent. Brick and mortar comparable sales declined 9.2 percent, while e-commerce increased 6.9 percent on a year-over-year basis, excluding the impact of the 53rd week.
Looking ahead for fiscal year 2025, the company expects earnings per share in the range of $8.00 to $8.75. The analysts expect earnings of $8.82 per share for the year.
Total net sales are anticipated to be flat to up approximately 2.0 percent compared to fiscal 2024 results.
Comparable sales are expected to be flat to down in the low-single digit range for the year. Brick and mortar comparable sales are expected to range from flat to negative low-single digits.
Both total e-commerce revenue and comparable e-commerce revenue is anticipated to be up in the mid to high-single digit range.
In pre-market activity on Nasdaq, Hibbett shares were trading at $68, down 7 percent.
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