Why Athletic-Inspired Fashion Retailer Hibbett's Shares Are Gaining Today
Portfolio Pulse from Shivani Kumaresan
Hibbett Inc reported a Q2 FY23 sales decline of 4.6% YoY to $374.88 million, missing the analyst consensus. Comparable sales decreased 7.3%, with brick and mortar sales declining 7.7% and e-commerce sales decreasing 5.2%. However, EPS of $0.85 beat the analyst consensus of $0.73. The company repurchased 294,917 shares of common stock for a total expenditure of $11.0 million. Despite the challenging retail business climate, Hibbett reiterated its FY24 guidance.
August 25, 2023 | 1:04 pm
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Hibbett's Q2 FY23 sales and comparable sales declined, but EPS beat the analyst consensus. The company also repurchased shares and reiterated its FY24 guidance.
Hibbett's sales decline could negatively impact the stock price, but the EPS beat and the reiteration of FY24 guidance could provide some stability. The company's share repurchase could also be seen as a positive sign by investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100