Hibbett Sports (HIBB) Tops Q3 EPS by $1.00, Offers Guidance

Hibbett Sports (NASDAQ: HIBB) reported Q3 EPS of $1.45, $1.00 better than the analyst estimate of $0.45. Revenue for the quarter came in at $331.4 million versus the consensus estimate of $286.42 million.

GUIDANCE:

Hibbett Sports sees Q4 2021 EPS of $1.00-$1.10, versus the consensus of $0.60.

"Given the strong performance in the third quarter, we are updating our financial guidance for the fourth quarter. However, due to the ongoing uncertainty from the recent surge in COVID-19 case counts, we are continuing to provide limited financial guidance.

Our anticipated financial results for the fourth quarter of Fiscal 2021 are influenced by several factors:

• We believe we have attracted new customers to our store locations and to our online platform throughout Fiscal 2021 due to pent-up demand, market disruption and government stimulus payments. Through our superior customer service and targeted marketing programs, many of these new customers have made repeat purchases. We expect to continue to attract and retain new customers, which will lead to future sales growth.
• Accelerating consumer adoption of e-commerce, which we believe is likely a permanent change, will continue to benefit our omni-channel business.
• Our strong vendor relationships allow us to meet customer demand for fashion inspired athletic footwear, apparel and accessories both in-store and online.
• Other initiatives, including increased speed to market and an enhanced sales culture, should lead to sales growth during the fourth quarter.

Based on the considerations above, we forecast the following GAAP results for the fourth quarter of Fiscal 2021 in comparison to the fourth quarter of Fiscal 2020:

• Comparable sales increases in the high-single digits to low-double digits;
• Gross margin improvement of approximately 380 to 400 basis points;
• SG&A leverage of approximately 40 to 60 basis points; and
• Diluted earnings per share in the range of $1.00 to $1.10, assuming an effective tax rate of approximately 25.0% and a diluted share count of approximately 17.2 million.

For earnings history and earnings-related data on Hibbett Sports (HIBB) click here.

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