- November 20, 2020
- Posted by: Stratford Team
- Category: Markets
(RTTNews) – Hibbett Sports Inc. (HIBB), an athletic-inspired fashion retailer, reported that its net income for its third quarter ended October 31, 2020 surged to $25.3 million or $1.47 per share, from $2.3 million or $0.13 per share in the previous year.
On an adjusted basis, net income for the quarter was $24.9 million or $1.45 per share, compared to $5.8 million or $0.32 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share for the third-quarter. Analysts’ estimates typically exclude special items. Net sales for the quarter increased 20.3% to $331.4 million from last year’s $275.5 million, reflecting continued strength in omni-channel adoption, improved new customer retention, market disruption, and availability of in-demand product. Analysts expected revenues of $286.42 million for the quarter.
Comparable sales increased 21.2%. Brick and mortar comparable sales increased 17.5%. E-commerce sales grew by 50.7% and represented 13.2% of total net sales for the third quarter compared to 10.5% in the prior year third quarter.
Looking ahead for the fourth quarter of fiscal 2021, the company expects earnings per share to be in the range of $1.00 to $1.10. Analysts project fourth-quarter earnings of $0.60 per share for the fourth-quarter.
The company expects comparable sales increases in the high-single digits to low-double digits.