Hibbett, Inc. Reports Net Income of $10.9 Million for Q2 2023
Q2 2023 Revenue for Hibbett, Inc. Amounts to $374.9 Million
Hibbett, Inc.(HIBB), a leading retailer of athletic-inspired fashion and footwear, has released its unaudited condensed consolidated financial statements for the 13-week period ended July 29, 2023. The financial report highlights both net income and revenue figures for the quarter, showcasing the company's performance in a competitive market.
Net Income/loss Highlights
Hibbett, Inc. announced a net income of $10.9 million for the second quarter of 2023. This represents approximately 2.9% of net sales for the period. In comparison, during the same quarter last year, the company reported a net income of $24.7 million, which accounted for 6.3% of net sales. The decrease in net income reflects the company's ongoing efforts to navigate challenges and opportunities in the retail sector.
Revenue Performance
The revenue generated by Hibbett, Inc. in the second quarter of 2023 amounted to $374.9 million. This figure represents the net sales after accounting for various costs, and it reflects the company's ability to attract customers and drive sales in the highly competitive market. Comparatively, in the second quarter of the previous year, the company's revenue was slightly higher at $392.8 million. The revenue trend showcases Hibbett, Inc.'s resilience and adaptability in a changing retail landscape.
Financial Details
The company's financial details for the 13-week period ended July 29, 2023, are as follows:
- Net Sales: $374.9 million
- Cost of Goods Sold: $252.0 million (67.2% of net sales)
- Gross Margin: $122.9 million (32.8% of net sales)
- Operating Expenses: $94.9 million (25.3% of net sales)
- Depreciation and Amortization: $12.0 million (3.2% of net sales)
- Operating Income: $16.0 million (4.3% of net sales)
- Net Income: $10.9 million (2.9% of net sales)
- Basic Earnings Per Share: $0.86
- Diluted Earnings Per Share: $0.85
Balance Sheet Highlights
Hibbett, Inc.'s unaudited condensed consolidated balance sheets as of July 29, 2023, reveal the company's financial position:
- Total Assets: $976.9 million
- Total Liabilities: $343.5 million
- Stockholders' Investment: $397.3 million
The company's balance sheet reflects its investments in property, equipment, and right-of-use assets, as well as its liabilities and obligations.
Hibbett, Inc. continues to focus on strategic initiatives to enhance its customer experience, optimize operations, and drive growth in a dynamic retail landscape. The company's ability to adapt to changing consumer preferences and market conditions will play a crucial role in shaping its future financial performance.
Percentages may not foot due to rounding.
For more information and detailed financial statements, please refer to the official release on Hibbett, Inc.'s investor relations website.
