HIBBETT Reports First Quarter Earnings for 2024 Fiscal Year

🌥️Earnings Overview

HIBBETT ($NASDAQ:HIBB) reported total revenue of USD 455.5 million for the first quarter of fiscal year 2024, a 7.4% increase from the same period in 2023. However, net income decreased 8.8% to USD 35.9 million compared to the year prior. The announcement was made on April 30, 2023.

Share Price

The stock opened at $41.1 but closed at $39.2, representing a plunge of 11.3% from its prior closing price of 44.2. This marked a sharp decline from the company’s strong performance in the previous quarter. Analysts and investors had high hopes for the company, with many expecting Hibbett to exceed its annual projections for the quarter.

However, the company’s actual results failed to meet expectations. While revenues rose slightly, profits declined and earnings fell short of estimates. The disappointing earnings caused investors to lose confidence in the company, resulting in a drop in Hibbett’s stock price. This was a major blow to the company that had been riding high on the back of success in its previous quarters. Hibbett is now looking to make adjustments to its strategies in order to improve its performance in the future. The company is confident that its initiatives will help it to reduce costs and increase sales in the coming quarters. However, only time will tell if these measures are enough to restore investor confidence and help Hibbett get back on track. HIBBETT_Reports_First_Quarter_Earnings_for_2024_Fiscal_Year”>Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Hibbett. HIBBETT_Reports_First_Quarter_Earnings_for_2024_Fiscal_Year”>More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Hibbett. HIBBETT_Reports_First_Quarter_Earnings_for_2024_Fiscal_Year”>More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Hibbett. HIBBETT_Reports_First_Quarter_Earnings_for_2024_Fiscal_Year”>More…

Key Ratios Snapshot

Some of the financial key ratios for Hibbett are shown below. HIBBETT_Reports_First_Quarter_Earnings_for_2024_Fiscal_Year”>More…

Analysis

GoodWhale’s analysis of Hibbett’s wellbeing shows that the company has a high health score of 8/10. According to our Star Chart, this indicates that they are in a stable position and are capable of weathering any financial crisis without the risk of bankruptcy. Additionally, we classify them as ‘rhino’ companies, which refers to moderate revenue or earnings growth. This makes Hibbett an attractive investment option for investors looking for a stable, profitable company with some potential for growth. Our analysis shows that they are strong in profitability, and relatively medium in terms of asset, dividend, and growth. They present an exciting opportunity for those looking to capitalize on a well-established company with potential for further expansion. HIBBETT_Reports_First_Quarter_Earnings_for_2024_Fiscal_Year”>More…

Peers

The company’s main competitors are C’sMEN Co Ltd, Shimamura Co Ltd, and Konaka Co Ltd.

– C’sMEN Co Ltd ($TSE:3083)

Singing River Health System is a non-profit, community-owned health system located in Jackson County, Mississippi. The health system includes Singing River Hospital, George E. Weems Memorial Hospital, Ocean Springs Hospital, and a number of other healthcare facilities. The system has a total of 2,000 employees and provides care for patients in Mississippi, Alabama, and Louisiana.

– Shimamura Co Ltd ($TSE:8227)

Shimamura Co Ltd is a Japanese company that operates a chain of discount stores. As of 2022, the company had a market capitalization of 449.84 billion yen and a return on equity of 7.86%. The company was founded in 1954 and is headquartered in Tokyo, Japan.

– Konaka Co Ltd ($TSE:7494)

Konaka Co Ltd is a Japanese electronics company with a market cap of 9.67B as of 2022. The company has a Return on Equity of 0.49%. Konaka is primarily engaged in the manufacture and sale of electronic equipment, including semiconductor production equipment, electronic measuring instruments, and electronic control devices. The company also offers services related to the design, development, and maintenance of electronic equipment.

Summary

Hibbett reported their first quarter earnings for the fiscal year 2024, totaling USD 455.5 million in revenue and USD 35.9 million in net income. While revenue increased 7.4% compared to the same period last year, net income decreased 8.8%. The stock price dropped on the day of the report, indicating a lack of investor confidence in these results despite increased revenue. Going forward, investors should closely monitor the company’s financial performance and sales to further assess whether it is a worthwhile investment opportunity.