Hibbett Corporation, a Birmingham-based athletic fashion retailer, has reported a decline in sales and earnings for the first half of the year.
The company’s net income was halved to $64.1 million, or $4.77 per diluted share, compared to $131.5 million, or $7.90 per diluted share, in the previous year.
Net sales for the 26-week period decreased by 11.8% to $816.9 million, compared to $926.1 million.
Comparable sales also decreased by 14.5% compared to the same period last year, but showed an increase of 36.2% compared to 2019.
Brick and mortar comparable sales declined by 17.4% while e-commerce sales increased by 6.2%.
For the second quarter, net sales decreased by 6.3% to $392.8 million, compared to $419.3 million.
Comparable sales for this period also decreased by 9.2% compared to the previous year, but showed a significant increase of 54.4% compared to 2019.
Brick and mortar comparable sales declined by 11.9%, while e-commerce sales increased by 8.3%.
President and CEO Mike Longo stated, ‘Our team delivered a solid second quarter performance.
We were able to achieve this result by improving our inventory position, providing a compelling selection of in-demand products, delivering superior in-store customer service, and leveraging our best-in-class omni-channel platform.’ Longo also noted that the shift in back-to-school sales and continued high freight costs affected margins.
Despite the challenges, Hibbett remains positive about its future outlook.
The company expects fiscal 2023 total net sales to increase in the low-single digit range compared to its fiscal 2022 results..
