Sportswear retailer Hibbett Sports, Inc., located in Birmingham, Alabama, has released its preliminary Q4 results and they are looking promising. The company reported a substantial increase in comparable sales, surpassing its initial expectations. The fourth quarter, which ended on January 30, 2021, saw a 21.9% rise in comparable sales, exceeding the company’s initial forecast of single-digit to low-double-digit growth. As a result of this positive performance, Hibbett Sports now expects its diluted earnings per share (EPS) for the quarter to be in the range of $1.30 to $1.40, compared to the previous prediction of $1.00 to $1.10.

According to Hibbett’s President and CEO, Mike Longo, this impressive growth can be attributed to the company’s commitment to providing a diverse range of merchandise and delivering exceptional customer service through their omni-channel platform. Longo identified several factors that contributed to the strong performance, including new customer retention, effective management of popular footwear, apparel, and accessories, as well as incremental stimulus payments.

The positive trend continued throughout the year, with Hibbett Sports reporting a 22.2% increase in full-year comparable sales. The company expects to report an annual EPS in the range of $4.30 to $4.40. Looking ahead to fiscal 2022, Hibbett Sports predicts a slight decrease or increase in annual comparable sales, along with a projected diluted EPS between $5.00 and $5.50. The company attributes this positive outlook to the pent-up demand observed during the Covid-19 pandemic, which led to the acquisition of new customers who made repeat purchases. Hibbett Sports aims to continue attracting and retaining consumers in the future.

Hibbett Sports also highlighted the strength of its vendor relationships and its solid omnichannel business, which it believes will be advantageous as consumer adoption of e-commerce accelerates. The retailer mentioned several new initiatives it is implementing, including enhancements to the in-store experience and sales culture, as well as supply chain improvements that have enabled faster time to market.

The full fourth-quarter and annual results for Hibbett Sports will be officially announced on March 5, 2021.

For more information regarding Hibbett Sports’ Q4 results and future outlook, please visit the following links:

Hibbett Sports Official Website
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