Athletic-inspired fashion retailer Hibbett has reported its comparable sales for the first quarter (Q3) of fiscal 2024 (FY24) grew 4.1% compared to the same period in FY23.
The retailer’s brick and mortar comparable sales increased 4.7% in Q1 FY24, and e-commerce sales also grew 0.6% and accounted for 13.7% of total net sales over the fiscal.
For the 13-weeks ended 29 April 2023, Hibbett posted net sales of $455.5m, up 7.4% from $424.1m in the corresponding period the prior fiscal.
Its net income declined to $35.9m in Q1 FY24 from $39.3m in the year ago period, and diluted earnings per share for the quarter were $2.74 against $2.89 in Q1 FY23.
The retailer’s store operating, selling and administrative (SG&A) expenses represented 21.1% of net sales in Q1 FY24, which compares to 22.5% of net sales in Q1 FY23.
Hibbett president and chief executive officer Mike Longo said: “Hibbett posted solid sales results in a challenging environment, delivering a 4.1% comparable sales increase and a total sales increase of 7.4% versus last year.
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“We maintain very good relationships with our valued brand partners that enables us to maintain our new store growth plan and provide the product assortment to meet consumer’s narrowed demand.
“We’re investing in our already best-in-class consumer experience while also taking costs out of the business, producing leverage on SG&A of 140 basis points versus last year. We believe our product array and outstanding customer service is a competitive advantage, resulting in market share gains.”
For full year 2024, the retailer expects net sales from flat to up 2.0%. It also expects comparable sales to decline low-single digit.
Brick and mortar and ecommerce sales were also expected to drop low-single digit.
Hibbett opened ten net new stores during the quarter and ended the period a total of 1,143 in 36 states.