Hibbett Guides FY24 Below Estimates As Q4 Results Miss Estimates
(RTTNews) - While reporting financial results for the fourth quarter and full-year 2023 on Friday, athletic-inspired fashion retailer Hibbett Sports Inc. (HIBB) initiated earnings, sales and comparable store sales growth guidance for the full-year 2024.
For fiscal 2024, the company now projects earnings in a range of $9.50 to $10.00 per share on total sales growth, including the impact of the 53rd week, in the mid-single digits, with comparable sales growth in the low-single digits.
On average, three analysts polled by Thomson Reuters expect the company to report earnings of $10.40 per share on sales growth of 5.7 percent to $1.83 billion for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, net income grew to $38.42 million or $2.91 per share from $17.66 million or $1.25 per share in the prior-year quarter.
Net sales for the quarter increased 19.6 percent to $458.30 million from $383.35 million in the same quarter last year.
Comparable sales increased 15.5 percent as brick and mortar comparable sales improved 14.3 percent and e-commerce sales increased 21.4 percent.
The Street was looking for earnings of $2.94 per share on revenues of $476.57 million for the quarter.
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