Hibbett Stock Drops After Q1 Earnings Miss Amid Weakened Consumer Confidence
Portfolio Pulse from Nabaparna Bhattacharya
Hibbett, Inc. reported Q1 FY23 sales growth of 7.4% YoY to $455.50 million, missing the consensus of $460.40 million. EPS of $2.74 missed the analyst consensus of $3.04. Weakened consumer confidence impacted purchasing behavior, leading to lower sales and margins. Hibbett lowered its FY24 outlook.
May 26, 2023 | 2:58 pm
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NEGATIVE IMPACT
Hibbett's Q1 FY23 sales and EPS missed expectations, and the company lowered its FY24 outlook due to weakened consumer confidence. HIBB shares were down 9.4%.
Hibbett's Q1 FY23 sales and EPS missed expectations due to weakened consumer confidence, which impacted purchasing behavior and led to lower sales and margins. The company also lowered its FY24 outlook, which negatively affected the stock price, causing it to drop 9.4%.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100