Hibbett Sports Gets Boost from Footwear in Q4
The 1,133-door chain Hibbett Sports more than doubled its profits to $38.4 million from $17.7 million in the final period ended Dec. 31 as same store sales rose 14 percent and e-commerce revenues jumped 21 percent year-over-year. Sales were up 20 percent to $458.3 million from $383.3 million.
Footwear was Hibbett’s strong category in Q4, growing in the mid-40s year-over-year with a better in-stock position and launch products driving the sales. Men’s, women’s, and kids’ footwear all posted significant growth, led by a high 20s percentage increase for kids followed by mid-teens growth for both men’s and women with lifestyle, basketball, and casual offerings driving the increases. The retailer’s Q4/21 footwear business was severely impacted by supply chain delays.
For the full year, Hibbett saw its profitability slip 27 percent to $128.1 million from $174.3 million as revenues inched 1 percent higher to $1.71 billion from $1.69 billion. Store comparable sales declined by 4.9 percent for the year, but e-commerce sales rose 14.0 percent year-over-year.
Inflation and a promotional environment are forecast to weigh on the retailer’s results in 2023. Revenues are expected to increase by mid-single digits with comps rising low single digits.