Hibbett (HIBB) Reports Q2: Everything You Need To Know Ahead Of Earnings

Kayode Omotosho /
2023/08/24 3:37 pm EDT

Athletic apparel and footwear retailer Hibbett (NASDAQ:HIBB) will be announcing earnings results tomorrow before the bell. Here's what you need to know.

Last quarter Hibbett reported revenues of $455.5 million, up 7.42% year on year, missing analyst expectations by 0.61%. It was a weak quarter for the company, with revenue and EPS coming in below Wall Street's expectations.

Is Hibbett buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Hibbett's revenue to decline 4.25% year on year to $376.1 million, an improvement on the 6.31% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.74 per share.

Hibbett Total Revenue

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates six times over the last two years.

Looking at Hibbett's peers in the apparel and footwear retail segment, some of them have already reported Q2 earnings results, giving us a hint of what we can expect. Dick's delivered top-line growth of 3.57% year on year, missing analyst estimates by 0.46% and Foot Locker reported revenue decline of 9.73% year on year, missing analyst estimates by 0.98%. Dick's traded down 20% on the results, Foot Locker was down 27.2%.

Read our full analysis of Dick's's results here and Foot Locker's results here.

There has been a stampede out of high valuation technology stocks and while some of the apparel and footwear retail stocks have fared somewhat better, they have not been spared, with share price declining 9.42% over the last month. Hibbett is down 15.7% during the same time, and is heading into the earnings with analysts' average price target of $52.6, compared to share price of $36.88.

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The author has no position in any of the stocks mentioned.