Here is why Hibbett Sports rose on Friday morning
On an adjusted basis, earnings rose to $1.45 per share, crushing analysts’ average estimate of 45 cents.
avatar
Staff or Guest writer for The Dog of Wall Street.
2020-11-20 11:39

Hibbett Sports Inc. (HIBB) announced better-than-expected earnings and sales for the third quarter with an upbeat financial outlook for the current quarter, sending its shares up more than 6 percent this morning.

Here is why Hibbett Sports rose on Friday morning

The Birmingham, Alabama-based sporting goods retailer reported a profit of $25.3 million, or $1.47 per share for the three-month period ended October 31, significantly higher than 13 cents per share in the year-ago quarter. On an adjusted basis, earnings rose to $1.45 per share, crushing analysts’ average estimate of 45 cents.

Revenue came in at $331.4 million, up 20 percent from $275.5 million in the comparable period last year. Analysts polled by FactSet were looking for revenue of $286 million.

Speaking on the results, Chief Executive Officer Mike Longo said in a statement “our business continues to operate from a position of strength despite ongoing challenges in the current business environment. Superior customer service delivered by our dedicated team members and a best-in-class omni-channel platform contributed to significant revenue and earnings growth in the quarter.”

Same-store sales jumped 13.2 percent in the quarter, beating the 10 percent surge forecasted by analysts. E-commerce revenue accounted for 13.2 percent of the total revenue in the third quarter, as compared to 10.5 percent in the year-ago quarter.

Looking forward, Hibbett Sports expects earnings in the range of $1.00 per share to $1.10 per share for the fourth quarter, as compared to the consensus forecast of 60 cents. Comparable sales are expected to grow between high-single digits to low-double digits in the current quarter.

Hibbett Sports Inc. (NASDAQ: HIBB) is currently trading on heavy volume of 2 million shares, as compared to daily average volume of nearly 0.63 million shares. The stock did well this year by rising more than 71 percent on a year-to-date basis.


Disclaimer: I have no positions in any of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. All information should be independently verified and should not be relied upon for purposes of transacting securities or other investments. See terms for more info.

Rate this article

positive
negative
Published On
2020-11-20 11:39

avatar
About the Author
Staff or Guest writer for The Dog of Wall Street.


buy-coffee
You've read 1 article in the last year
..thank you for supporting us and for visiting our site. Unlike many other sites, The Dog of Wall Street is available for everyone to read. Our focus is to provide great content for free. Do you like what we are doing? Buy us a cup coffee. It is the fuel that keeps us going..

Levi Strauss' Bold Gambit: Is the Denim Icon's DTC Shift Enough to Weather the Storm?
Levi Strauss & Co. boasts a strong quarter with direct-to-consumer growth and innovative fashion, but can it navigate the choppy waters of the retail market?
By Alfonso | 9 months ago

Amazon's Bold Counterattack: Introducing the China-Direct Discount Section
As competition heats up, Amazon unveils a daring new strategy to offer unbeatable prices and direct shipping from China.
By Alfonso | 9 months ago

Tesla's Legal Challenges: Facing the Music on Autopilot Misrepresentation
Court ruling intensifies scrutiny on Tesla's self-driving claims.
By Alfonso | 10 months ago

Netflix's Ad-Supported Triumph: A New Era in Streaming
Surpassing 40 million users, Netflix’s ad-supported plan redefines the streaming landscape.
By Alfonso | 10 months ago

Tesla Stock (TSLA): Look Who's Back!
I’m cautiously optimistic but I’m at the point where I need to see it to believe it.
By Mike Sakuraba | 11 months ago

2 Earnings To Pay Attention to Next Week
Since big tech is the theme, you probably know what I have my eyes on for next week.
By Mike Sakuraba | 11 months ago

2 Stocks to Watch Below $10
Here are two stocks that are currently less trading in the single digits that I believe have some relative upside from their current prices.
By Mike Sakuraba | 11 months ago

Looking Ahead to Tesla's Earnings: What Can We Expect?
Is there any stock that has been more talked about than Tesla (NASDAQ: TSLA) as of late? It’s a company that is always in the spotlight but the stock is under some heavy scrutiny this year and deservedly so.
By Mike Sakuraba | 11 months ago