Hibbett Q1 Net Income Declines, Comps. Up 4.1%; Updates FY24 Guidance On Cautious Consumer Outlook

(RTTNews) - Hibbett, Inc. (HIBB) reported first quarter net income of $35.9 million, or $2.74 per share, compared with net income of $39.3 million, or $2.89 per share, a year ago. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $3.04, for the quarter. Analysts' estimates typically exclude special items.

Net sales increased 7.4% to $455.5 million. Comparable sales increased 4.1%. Analysts on average had estimated $460.4 million in revenue.

For fiscal 2024, the company now expects EPS in a range of $7.00 to $7.75, revised from prior guidance range of $9.50 to $10.00. Comparable sales are now expected to be down low-single digit, revised from previous guidance of up low-single digit.

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