Hibbett Out with Earnings Figures

Hibbett Sports, Inc. (NASDAQ:HIBB) shares made slight headway on quarterly earnings.

The store chain, based in Birmingham, Ala., reported comparable sales increased 4.0% during the fourth quarter. EPS was $0.34 and Non-GAAP Adjusted EPS was $0.51.

Net income for the 13-week period ended February 1, 2020, was $6.0 million, or $0.34 per diluted share, compared with net income of $6.6 million, or $0.36 per share, for the 13-week period ended February 2, 2019.

On an adjusted basis, net income for the 13-week period ended February 1, 2020, was $9.0 million, or $0.51 per share, compared with adjusted net income for the 13-week period ended February 2, 2019, of $10.5 million, or $0.57 per diluted share.

The Company has not included the $0.05 reduction in EPS for executive compensation costs related to the former CEO’s transition in its non-GAAP add backs to net income.

CEO Mike Longo, “Our business continues to perform well as shown by the 4.0% comparable store sales performance in the quarter. The sales growth was made possible by the hard work and dedication of our team and their execution of our strategies. Our focus on the toe-to-head concept and the consumer experience is paying off.

“At the same time, we continue to improve our digital business, which accounted for 14.2% of the sales mix in the fourth quarter, setting a new record. Additionally, our City Gear acquisition continues to exceed expectations, both in store as well as on-line.”

HIBB shares began Friday up 17 cents, or 1.2%, to $9.92.

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