U.S. sports fashion retailer Hibbett reported a 4.6 per cent decline in revenues, amounting to US $ 374.9 million in the second quarter.
The downfall in the revenue is accounted by 7.3 per cent drop in comparable store sales. The company, headquartered in Birmingham, Alabama, disclosed a 7.7 per cent decrease in brick-and-mortar comparable sales and a 5.2 per cent decline in e-commerce sales during the thirteen-week period.
Net income for the quarter ending July 29 also took a hit, plummeting to US $ 10.9 million which is a stark contrast to the US $ 24.7 million net income recorded for the same period the previous year.
Despite these setbacks, Hibbett managed 1.7 per cent rise in sales, totaling US $ 830.4 million for the year’s first half.
Looking ahead, the retailer reasserted its guidance for the full fiscal year 2024, anticipating either flat sales or a modest 2 per cent growth over the course of the next twelve months.
Mike Longo, President and CEO of Hibbett sports stated, “We are pleased with our performance for the second quarter of fiscal 2024. Our business model focuses on providing an exceptional consumer experience in underserved markets and produced solid financial results despite a challenging retail environment.”
