Hibbett Q4 Disappoints On Sneaker Shortages
The small market operator’s sales inched up just 2% to $383.3 million in the final quarter ended Jan. 29, compared with $376.8 million last year, including -1.0% comps that fell well short of positive high single-digit guidance. Brick and mortar comps fell 1.6% while e-commerce sales increased 1.8%. The quarter got off to a strong start with early Holiday shopping, but traffic and transactions tumbled after Christmas, HIBB said. Supply chain disruptions and delays, particularly in footwear, were to blame, along with shaken consumer confidence over inflation and the rapid spread of the Omicron Covid variant. Net income is now ... Log in to view full article.