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Dec. 3, 2021, 6:45 a.m. EST

Hibbett tops estimates for third quarter and raises guidance, stock jumps premarket

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By Ciara Linnane

Sporting apparel retailer Hibbett Inc. shares /zigman2/quotes/201173500/composite HIBB +2.56% jumped 4.4% in premarket trading Friday, after the company topped earnings estimates for the third quarter and raised its guidance. Hibbett said it had net income of $25.2 million, or $1.68 a share, in its fiscal third quarter to Oct. 30, compared with $25.3 million, or $1.47 a share, in the year-earlier period. Sales rose 15.2% to $381.7 million from $331.4 million a year ago. The FactSet consensus was for EPS of $1.62 and sales of $360.0 million. Same-store sales rose 13%, compared with a FactSet consensus for growth of 5.2%. "Despite ongoing challenges in the supply chain, our inventory position improved significantly during the third quarter," Chief Executive Mike Longo said in a statement. "We are very well-positioned for the holiday selling season and our vendor partners continue to recognize and appreciate our differentiated business model and our ability to provide an outstanding customer experience in underserved communities." The company raised its guidance and said it now expects EPS of $1.85 to $2.05 for the fourth quarter, compared with a FactSet consensus of $1.76. It expects fiscal 2022 EPS of $11.70 to $11.90, compared with a FactSet consensus of $11.41. It expects same-store sales to rise in the high single-digit for the fourth quarter and to be up in positive high teens for the year. Shares have gained 56% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.06% has gained 21.9%.

/zigman2/quotes/201173500/composite
US : U.S.: Nasdaq
$ 44.83
+1.12 +2.56%
Volume: 337,982
July 1, 2022 4:00p
P/E Ratio
5.16
Dividend Yield
2.23%
Market Cap
$565.39 million
Rev. per Employee
$146,216
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/zigman2/quotes/210599714/realtime
US : S&P US
3,825.33
+39.95 +1.06%
Volume: 2.20B
July 1, 2022 5:45p
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