Hibbett CEO sees ‘several headwinds’ in FY24

Mike Longo, President and CEO, stated, "As we look ahead to Fiscal 2024, we believe there are several headwinds including inflation, higher interest rates and a more promotional retail environment. We anticipate consumers will be more cautious in their discretionary spending and while we still feel our unique assortment of high demand footwear will drive traffic and sales, margins are expected to be negatively impacted. Hibbett has a proven business model and a strategy to leverage our model and extend our market reach. We will continue our store expansion efforts and believe there are significant opportunities to expand our coverage in more underserved areas in both existing and new markets. We look forward to the opportunities to continue building our Hibbett and City Gear brands and deliver greater value to our customers and shareholders in the future."