Sporting goods retailer Hibbett Sports Inc. reported a decrease in its second-quarter sales, with comparable sales declining amid a tough retail environment. Despite the Q2 dip, the company’s sales for the first half of fiscal 2023 still managed a slight increase..
**Q2 Sales**.
For the three months ended July 29, 2023, the company’s net sales decreased to $318.0 million from $327.2 million in the prior-year period. The 2.8% decline was driven by a 3.4% drop in comparable store sales. E-commerce sales remained a bright spot, growing 13.7%..
Total net income for the quarter was $10.7 million, down from $15.9 million in Q2 2022. Diluted earnings per share came in at $0.59, compared to $0.84 in the prior year..
**H1 Sales**.
For the first half of fiscal 2023, Hibbett’s net sales inched up by 1.1% to $654.2 million, from $647.0 million in H1 2022. Comparable store sales remained flat. Total net income for the period was $26.9 million, a decrease from the $33.5 million reported in H1 2022. Diluted earnings per share were $1.47, compared to $1.76 in the prior year..
**Challenges and Outlook**.
Hibbett attributed the sales decline to ongoing supply chain disruptions, inflationary pressures, and a challenging retail landscape. The company also noted that its Q2 results were impacted by a shift in the timing of back-to-school sales..
Looking ahead, Hibbett remains cautiously optimistic. The company expects net sales for the full fiscal year to be in the range of $1.390 billion to $1.410 billion, with comparable store sales projected to be flat to slightly positive..
Hibbett CEO Mike McGhee commented, .
