**Hibbett Q2 Sales Down on Comps Drop, H1 Sales Inch Forward**
**Hibbett Sports** reported a 4.5% decrease in Q2 comparable sales to $228.7 million, pressured by easing COVID-19 stimulus, inflationary headwinds and rising interest rates.
It reported a slight 0.1% gain in comp sales in the first half of 2023 compared to the same period of 2022. Net sales for the quarter increased by 3% to $374.3 million.
However, total sales for the first half of the year edged up by just 0.8% to $769.7 million.
The company’s e-commerce business continued to perform well, with a 64.8% increase in digital sales in Q2, leading to a 22.1% increase in digital sales for the first half of the year.
Hibbett also saw a 5.4% rise in footwear sales to $225.4 million for the quarter, while apparel sales declined by 8.5% to $89.4 million.
The retailer reported a net income of $70.6 million, or $2.55 per share, down from the previous year’s $81.4 million, or $2.89 per share. It attributed the decrease to a reduction in government stimulus and higher costs.
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