Hibbett Sports Earnings: HIBB Stock 3% Higher Despite Miss, Declining Sales

Hibbett Sports (NASDAQ:HIBB) earnings for first quarter of fiscal 2021 have HIBB stock heading higher Tuesday. That’s despite its adjusted earnings per share (EPS) of 31 cents missing Wall Street’s estimate of 65 cents. However, its revenue of $269.84 million is better than analysts’ estimates of $243.67 million.

Hibbett Sports Earnings: HIBB Stock 3% Higher Despite Miss, Declining Sales

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Let’s take a closer look at the most recent Hibbett Sports earnings report below.

  • Adjusted per-share earnings are down 80.8% from $1.61 in the first quarter of fiscal 2020.
  • Revenue comes in 21.4% lower than the $343.3 million reported in the same period of the year prior.
  • Operating loss of $22.06 million is a negative switch year-over-year from an operating income of $37.34 million.
  • The Hibbett Sports earnings report also has net loss coming in at $15.29 million.
  • That’s a major decline compared to the company’s net income of $27.86 million from the same time last year.

Mike Longo, president and CEO of Hibbett Sports, said this in the Q1 earnings report:

“We have a strong business model, talented employees and a resilient customer base. Our ability to react, adapt and execute successfully in a constantly changing environment further reinforces the opportunities ahead of us. I believe the Company will emerge from this crisis stronger than ever.”

Hibbett Sports isn’t providing guidance for fiscal 2021. It attributes this to the uncertainties caused by the novel coronavirus. That’s a trend many other companies are following in light of the pandemic.

HIBB stock was up 2.6% as of Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/05/hibbett-sports-earnings-boost-hibb-stock-despite-miss/.

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