Hibbett Sports Earnings: HIBB Stock Jumps 7% on Q2 Beats

Hibbett Sports (NASDAQ:HIBB) earnings for the retail company’s second quarter of fiscal 2021 have HIBB stock on the rise Friday. That’s thanks to its adjusted earnings per share of $2.95 blowing past Wall Street’s estimate of $1.15. Its revenue of $441.61 million also beats out analysts’ estimate of $349.58 million.

Image of a red Hibbett Sports (HIBB) sign above one of the chain's stores

Source: LisaCarter / Shutterstock.com

Here are some additional highlights from the most recent Hibbett Sports earnings report.

  • Adjusted per-share earnings are up 2,169.2% from 13 cents during the same time last year.
  • Revenue for the quarter comes in 74.9% from $252.44 million in the second quarter of fiscal 2020.
  • Operating income of $56.28 million is a positive change year-over-year from an operating loss of $11.64 million.
  • The Hibbett Sports earnings report also has net income coming in at $40.36 million.
  • That’s a massive improvement over the company’s net loss of $8.78 million in the same period of the year prior.

Mike Longo, President and CEO of Hibbett Sports, said the following about the earnings results.

“Our nearly 80% comparable sales results were driven by multiple factors, including pent-up consumer demand, temporary and permanent competitor store closures and government stimulus money. We believe that these circumstances yielded increased traffic to our stores and website and provided new customers the opportunity to experience our trademark service.”

Hibbett Sports also includes guidance in its earnings report. It’s expecting fiscal 2021 earnings per share to range from 85 cents to $1 in the second half of the year. The company doesn’t expect any material impact from non-GAAP adjustments.

HIBB stock was up 6.7% as of Friday 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/2020/08/hibbett-sports-earnings-send-hiib-stock-higher/.

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