Gross margin for the quarter stood at 33.9 per cent of net sales, a slight decrease from 34.3 per cent in the corresponding period of the previous year. Store operating, selling, and administrative expenses were 23 per cent of net sales, showing an improvement from 23.9 per cent in the same period last year, the company said in a media release.

Net income for the 13-week period was stable at $25.5 million, equating to $2.05 per diluted share, compared to a net income of $25.6 million, or $1.94 per diluted share, in the previous year.

“Our solid financial results for the third quarter of fiscal 2024 reflect our ability to consistently execute our strategy, and we believe we continue to gain market share in a challenging retail environment. Our sales were in line with our expectations, boosted by a strong back-to-school season during the first month of the quarter. We also benefited from a more normal seasonal schedule of new launch products throughout the quarter, with a positive response from our loyal customers to the latest trend-relevant brands and products,” said Mike Longo, president and chief executive officer.

In the first nine months of FY24, Hibbett saw a modest increase in net sales, totalling $1.26 billion, a 1 per cent rise from $1.25 billion in the same period last year. Comparable sales during this 39-week period decreased by 1.9 per cent, with brick-and-mortar sales down 2.7 per cent and e-commerce sales up 2.9 per cent. E-commerce represented 15.2 per cent of total net sales, slightly higher than the 14.9 per cent in the previous year.

The gross margin for the first nine months was 33.5 per cent of net sales, compared to 35.3 per cent in the same period of the previous year. Store operating, selling, and administrative expenses were consistent at 23 per cent of net sales.

Net income for the 39-week period amounted to $72.3 million, or $5.66 per diluted share, a decrease from $89.6 million, or $6.71 per diluted share, in the previous year.

During the third quarter, Hibbett continued its expansion, opening 10 new stores, bringing its total store count to 1,158 across 36 states.

Fibre2Fashion News Desk (DP)