- Hibbett Inc (NASDAQ:HIBB) reported fourth-quarter FY21 sales growth of 1.7% year-on-year, to $383.35 million, marginally missing the consensus of $383.72 million.
- Comparable sales decreased 1% versus last year, as brick and mortar comp sales fell 1.6% and e-commerce comp sales rose 1.8%.
- On a two-year basis, comparable sales increased 20.7% versus the quarter ended February 1, 2020.
- EPS of $1.25 missed the consensus of $1.35.
- The gross margin contracted 200 basis points Y/Y to 35.1% due to higher freight costs and deleverage in store occupancy costs.
- The operating margin contracted 220 basis points to 6%, and operating income for the quarter fell 25.5% to $23.1 million.
- Hibbett held $17.1 million in cash and equivalents as of January 29, 2022.
- Inventory at the end of Q4 was $221.2 million, a 9.5% increase compared to the prior year.
- Hibbett warned that factors like supply chain disruption, a lack of stimulus and unemployment benefits, inflation, wage pressures could persist in FY23.
- Outlook: Hibbett expects FY23 sales to be relatively flat with the comparable sales in the negative low-single digits.
- The company sees FY23 new store growth of 30 to 40 stores.
- The company expects EPS of $9.75 - $10.50, against the consensus of $9.85.
- Price Action: HIBB shares are trading lower by 12% at $42.00 in premarket on the last check Friday.
