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• The retailer’s same-store sales declined 19% in the quarter compared to the prior year
Sporting goods retailer Hibbett Inc (NASDAQ: HIBB) posted drop in sales in the first quarter, the latest retailer to suffer due to rising inflation.
Hibbett’s same-store sales declined 19% in the quarter compared to the prior year. Its brick and mortar comparable sales declined 22.0% while e-commerce sales increased 4.1% on a year-over-year basis.
Hibbett, similar to the other retailers in the country, was hit by rising inflation and shift in consumer spending and also suffered due to supply chain constraints.
“Our customers spending habits were affected by lower discretionary income due to the absence of stimulus payments received in the first quarter of last year,” said CEO Mike Longo.
Net income of the company was $39.3 million, or $2.89 per diluted share, compared with net income of $84.8 million, or $5.00 per diluted share in the same period last year.
Hibbett also opened nine net new stores, bringing the store base to 1,105 in 35 states, the company said.
Picture Credits: PRNews
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