Hibbett, the US athletic fashion retailer, disclosed a 0.3 per cent decline in Q3 FY ’24 net sales, reaching US $ 431.9 million versus US $ 433.2 million in the prior year. Despite a 2.7 per cent drop in comparable sales, e-commerce soared by 12.6 per cent, constituting 17 per cent of total sales, a growth from 15 per cent year-over-year.
Gross margin slightly dipped to 33.9 per cent of net sales while operating expenses improved to 23 per cent from 23.9 per cent last year, resulting in stable net income of US $ 25.5 million.
Hibbett’s President and CEO, Mike Longo, praised the firm’s strategy execution amid a challenging retail landscape, highlighting a strong back-to-school season and positive customer response to new product launches.
In the fiscal year’s first nine months, Hibbett’s net sales climbed 1 per cent to US $ 1.26 billion, witnessing a 2.9 per cent rise in e-commerce sales. However, net income declined to US $ 72.3 million from US $ 89.6 million in the previous year.
The brand expanded with the addition of 10 stores during Q3, elevating its nationwide presence to 1,158 stores across 36 states.
