Discounting slow-moving apparel and equipment inventory hurt HIBB’s profitability in the fourth quarter, resulting in a 31% decline in net income to $12,055,000 from $17,411,000 on sales that inched higher to $246,929,000 vs. $245,719,000. Comp store sales decreased 2.2%. Hibbett’s sports specialty stores, which carry more legacy sporting goods inventory, fared worst, but the athletic specialty stores did somewhat better and the sports fashion focused stores performed very well. SG&A deleveraged 140 b.p. to 23.2% on the comp decline and continued investment in omni-channel. The clearance efforts paid off with inventory ending the year below plan.
Results were in-line with Hibbett’s ... Log in to view full article.