Hibbett annual sales inch forward on steady end of year

Hibbett announced on Friday sales for the fiscal 2024 increased 1.2% to $1.73 billion, coinciding with a  sales uptick for the fourth quarter ending February 3.

The Birmingham-based company said sales in the fourth quarter increased 1.8% to $466.6 million, thanks to an increase in e-commerce sales, up 6.9%. Comparable sales declined 6.4%, while brick-and-mortar comparable sales declined 9.2% during the 13-week period.

Net income also dropped to $30.9 million, or $2.55 per diluted share, compared to $38.4 million, or $2.91 per diluted share.

“We are pleased to report a solid financial performance for the fourth quarter of fiscal 2024, as we continued to execute our strategy in a dynamic and challenging retail environment,” said ​​Mike Longo, president and chief executive officer.

“Notably, we finished the year with $1.73 billion in sales, a new full fiscal year record for Hibbett. Our sales performance for the fourth quarter reflects the busy holiday selling season, which was in line with our expectations. During the quarter, we also benefited from new product launches and a favorable customer response for our popular footwear brands. The fourth quarter also benefited from our integrated Hibbett Rewards X Nike Membership, which brings together the Hibbett and Nike loyalty programs and supports sales growth across all retail channels. This loyalty partnership will provide exclusive shopping experiences, personalized content, and early access to the latest product launches for our Connected members.”

Looking ahead, the company’s fiscal 2025 comparable sales are expected to be flat to down in the low-single digit range for the year, while brick and mortar comparable sales are expected to range from flat to negative low-single digits. Both total e-commerce revenue and comparable e-commerce revenue is anticipated to be up in the mid to high-single digit range, the company added.