Net income dropped 54% in the first quarter to $39,347,000 from $84,766,000 on 16% lower sales of $424,051,000, down from $506,861,000 last year, including a -18.9% comp against the stimulus fueled demand in 2021. Store comps fell 22.0%, while e-commerce sales increased 4.1%, representing 14.6% of the top line, up from 11.7% last year. Comps got better sequentially through the quarter as inventory position improved. Comparisons against last year were difficult, but HIBB emphasized that it has rebased its business compared to pre-pandemic levels, and is in a substantially better competitive position.

The absence of government stimulus payments and enhanced unemployment ... Log in to view full article.