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.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Swiss Market Ends Marginally Up
European Stocks Close Weak
Canadian Stocks Turning In Mixed Performance; TSX Down Marginally
U.S. Pending Home Sales Fall More Than Expected In July
Eurozone Economic Confidence Weakens In August
Walgreen Co. Now Operating As Private Standalone Company Under Sycamore Partners
U.S. Economy Surges More Than Previously Estimated In Q2
