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Aug. 27, 2021, 6:48 a.m. EDT

Hibbett's stock shoots up into record territory after profit doubled what was expected and outlook was raised

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By Tomi Kilgore

Shares of Hibbett Inc. /zigman2/quotes/201173500/composite HIBB +2.56% shot up 5.1% into record territory in premarket trading Friday, after the athletic apparel retailer reported fiscal second-quarter profit that was double what was expected has sales rose well above forecast, and raised its full-year outlook. Net income for the quarter to July 31 rose to $46.7 million, or $2.86 a share, from $40.4 million, or $2.38 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.43. Net sales fell 5.3% to $419.3 million, but was well above the FactSet consensus of $314.1 million. Same-store sales declined 6.4%, while the average estimate of two analysts surveyed by FactSet was a decline of 27.5%, with a range of down 25% to down 30%. Gross margin improved 200 basis points to 39.0%, boosted by higher sales of premium-priced products, lower promotions and improved profitability of e-commerce sales. For fiscal 2022, the company raised its EPS guidance range to $11.00 to $11.50 from $8.50 to $9.00, while same-store sales guidance of positive mid-teens growth compares with previous guidance of positive high-single digits to positive low-double digits. The stock, which has soared 20.5% amid a five-day win streak to Thursday's record close of $98.97, has rocketed 114.3% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.06% has gained 19.0%.

US : U.S.: Nasdaq
$ 44.83
+1.12 +2.56%
Volume: 337,982
July 1, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$565.39 million
Rev. per Employee
+39.95 +1.06%
Volume: 2.20B
July 1, 2022 5:45p

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