**Hibbett Sports’** second quarter fiscal 2023 sales fell, impacted by a challenging comparison with the prior-year period, but its first-half sales still managed to edge up..
For the quarter ended July 30, 2023, the athletic-inspired footwear and apparel retailer’s sales decreased 3.1% to $335.1 million, versus $346 million in Q2 2022. The results missed Wall Street’s estimates, as analysts polled by FactSet were expecting Hibbett to bring in sales of approximately $341.9 million..
Comparable sales — a key retail metric that measures sales at stores open for at least a year — fell 4.4% in Q2 2023, compared with a 33.6% surge in Q2 2022. By channel, comparable sales in company-operated stores dropped 4.5%, while comparable sales in its Hibbett Sports outlet stores decreased 3.9%..
Despite the decline in Q2, Hibbett’s sales still managed to edge up in the first half of the year. For the six-month period ended July 30, 2023, the Birmingham, Alabama-based company’s sales rose 2.3% to $737.6 million, versus $721.1 million in the first half of fiscal 2022..
Comparable sales for the first half of the year increased 1.9%, versus a stellar 34.9% in the prior-year period. Specifically, comparable sales in company-operated stores increased 1.9%, while comparable sales in Hibbett Sports outlet stores edged up 1.7%..
