Hibbett Inc.’s stock HIBB, -1.76% soared 5% in premarket trade Friday, after the sporting goods retailer beat profit estimates for the second quarter and reiterated its full-year guidance. Birmingham, Alabama-based Hibbett posted net income of $10.9 million, or 85 cents a share, compared with $24.7 million, or $1.86 a share, in the year-earlier period. Sales fell 4.6% to $374.9 million. The FactSet consensus was for EPS of 73 cents and sales of $376.0 million. Same-store sales fell 7.
“Our sales for the second quarter were supported by a strong start to the busy back-to-school season and we also benefited from a positive customer response to new product launches during the quarter,” Chief Executive Mike Longo said in a statement. The company said consumers have pulled back from making discretionary purchases due to high inflation, but Hibbett has focused on products to meet more selective interests, he added.
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