1. News
March 7, 2022

Hibbett reports 19.1% increase in full-year net sales for FY22

The company expects its FY23 net sales to be relatively flat in dollars compared with FY22.

US-based sporting goods retailer Hibbett has reported that its net sales for the fiscal year 2022 (FY22) increased by 19.1% to $1.69bn, compared with $1.42bn in FY21.

For the 52 weeks to 29 January, the company’s comparable sales rose by 17.4%, compared with the same period a year earlier.

Sales from the retailer’s physical stores increased 21.4%, but its e-commerce sales declined by 1.6% from the previous fiscal year and represented 13.8% of its total sales for FY22.

Hibbett delivered a net income of $174.3m during the year, compared with $74.3m in the prior year.

The company’s earnings per share (EPS) were $11.19, against $4.36 for FY21.

For the fourth quarter (Q4), which ended on 29 January, Hibbett’s net sales increased by 1.7% to $383.3m against $376.8m a year earlier.

The company’s physical store sales dropped by 1.6%, while its e-commerce comparable sales increased by 1.8%.

Its net income for Q4 was $17.7m compared with $23.9m in the prior year, while its EPS was $1.25, down from $1.39 in Q4 2021.

Hibbett president and CEO Mike Longo said: “As we previously communicated, fourth-quarter comparable sales decreased 1.0% while full-year comparable sales increased 17.4% versus the prior year.

“We have also achieved significant growth on a two-year basis as fourth-quarter comparable sales have grown nearly 21% and full-year comparable sales have increased by almost 44% versus the same periods in fiscal 2020.

“Although the second half of the fourth quarter was weaker than anticipated due to ongoing supply chain challenges, inflation concerns for the consumer and increased Covid-19 cases, we believe these negative factors that impacted traffic and transaction volume from late December through January will begin to subside in the coming months.”

For FY23, Hibbett expects its net sales to be relatively flat in dollars compared with its FY22 results.

The company also plans to increase its store portfolio in the range of 30 to 40 stores in FY23.