The first half of fiscal 2024 (H1 FY24) saw net sales rise 1.7% at Hibbett, a US-based athletic-inspired fashion retailer, to $830.4 million from $816.9 million in the same period the previous year. Comparable sales, on the other hand, dropped by 1.4%.
Comparable sales at physical stores fell by 1.2% in H1 FY24, while sales at online stores fell by 2.2%. E-commerce made up 14.3% of all net sales in the first half of FY24, down from 14.9 percent the year before.
The first half of fiscal 2024 (H1 FY24) saw net sales rise 1.7% at Hibbett, a US-based athletic-inspired fashion retailer, to $830.4 million from $816.9 million in the same period the previous year. Comparable sales, on the other hand, dropped by 1.4%.
Comparable sales at physical stores fell by 1.2% in H1 FY24, while sales at online stores fell by 2.2%. E-commerce made up 14.3% of all net sales in the first half of FY24, down from 14.9 percent the year before.
The company reported a 4.6 percent fall in net sales in Q2 FY24, to $374.9 million, from $392.8 million the year before. Comparable sales were down 7.3% from the previous period. Comparable sales in
brick-and-mortar stores plummeted by 7.7% while those in e-commerce fell by 5.2%, according to the channel.
In Q2 FY24, e-commerce accounted for 15.1% of all net sales, which is almost identical to the 15.2% recorded during the same period in 2013.
A decrease from 34.4 percent in Q2 FY23 brought the gross margin for the second quarter of FY24 to 32.8%. Selling, general, and administrative costs rose from 23.3 percent of net sales in the prior-year quarter to 25.3 percent this quarter.
In Q2 of FY24, the business recorded net income of $10.9 million, or $0.85 per diluted share, down from Q2 of FY23’s $24.7 million, or $1.86 per diluted share. Additionally, Hibbett added five net new stores, bringing its total number of retail locations across 36 states to 1,148.
“We are happy with our second-quarter performance in fiscal 2024. Despite a difficult retail climate, our company model, which focuses on delivering an exceptional consumer experience in underserved communities, achieved strong financial success. We benefitted from a favorable customer response to new product introductions during the quarter, which helped to strengthen our sales for the second quarter, said Mike Longo, president and chief executive officer.
