Hibbett reports Q2 EPS 85c, consensus 73c

Reports Q2 revenue $374.9M, consensus $376.11M. Mike Longo, CEO, stated, “We are pleased with our performance for Q2 of FY24. Our business model focuses on providing an exceptional consumer experience in underserved markets and produced solid financial results despite a challenging retail environment. Our sales for Q2 were supported by a strong start to the busy back-to-school season and we also benefited from a positive customer response to new product launches during the quarter…In today’s inflationary environment, consumers have pulled back on discretionary spending. In response, we have continued to focus on offering the products that meet our customers’ more selective interests. Due to these efforts, our footwear sales, especially with our popular premium brands, have remained more consistent while our apparel business continues to reflect softer demand amid a heavy promotional environment. Although we still face considerable headwinds, we believe we are well positioned for continued growth when market conditions improve. As always, we are focused on the long term and we remain confident in our ability to offer the most compelling brands and products while continuing to attract and retain customers in FY24 and beyond. We are reiterating our previously stated guidance for the current fiscal year.”