Hibbett Again Boosts FY22 EPS Outlook As Q2 Results Top Estimates - Quick Facts

(RTTNews) - While reporting financial results for the second quarter on Friday, athletic-inspired fashion retailer Hibbett Inc. (HIBB) raised its earnings and comparable sales growth guidance for the full-year 2022, given the strong performance in the first half.

For fiscal 2022, the company now projects earnings in a range of $11.00 to $11.50 per share on comparable sales growth in the positive mid-teens.

Previously, the company expected earnings in a range of $8.50 to $9.00 per share on comparable sales ranging from positive high-single digits to positive low-double digits.

On average, six analysts polled by Thomson Reuters expect the company to report earnings of $9.19 per share for fiscal year 2021. Analysts' estimates typically exclude special items.

For the second quarter, net income grew to $46.7 million or $2.86 per share from $40.4 million or $2.38 per share in the prior-year quarter.

Net sales for the quarter decreased 5.1 percent to $419.3 million from $441.6 million in the same quarter last year.

Comparable sales decreased 6.4 percent as brick and mortar comparable sales declined 3.8 percent and e-commerce sales decreased 20.4 percent.

The Street was looking for earnings of $1.42 per share on revenues of $320.89 million for the quarter.