Comparable sales for the 13 weeks ending October 28 fell 2.7%, with brick-and-mortar comparable sales down 5.4% and e-commerce sales up 12.6% year over year. The 13-week period’s net income was $25.5 million, or $2.05 per diluted share, which was unchanged from the same time previous year.
According to the Alabama-based Hibbett, net sales rose 1% to $1.26 billion over the first nine months of the year. Hibbett said that it is increasing its fiscal 2024 profits projection from $7.00 to $7.75 diluted earnings per share in response to the nine-month upswing.
The president and chief executive officer Mike Longo said,
“Our solid financial results for the third quarter of fiscal 2024 reflect our ability to consistently execute our strategy, and we believe we continue to gain market share in a challenging retail environment. Our sales were in line with our expectations, boosted by a strong back-to-school season during the first month of the quarter. We also benefited from a more normal seasonal schedule of new launch products throughout the quarter, with a positive response from our loyal customers to the latest trend-relevant brands and products. As we enter the fourth quarter and our busy holiday selling season, we believe we are well positioned for a strong finish to fiscal 2024,”
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