Hibbett Inc. HIBB said Friday it had net income of $38.4 million, or $2.91 a share, for its fiscal fourth quarter through Jan. 28, up from $17.7 million, or $1.25 a share, in the year-earlier period. The sporting apparel retailer said sales rose to $458.3 million from $383.3 million a year ago. The FactSet consensus was for EPS of $2.96 and sales of $480 million. Same-store sales rose 15.5%, but were also below the 21.6% FactSet consensus. “As we look ahead to Fiscal 2024, we believe there are several headwinds including inflation, higher interest rates and a more promotional retail environment,” Chief Executive Mike Longo said in a statement. “We anticipate consumers will be more cautious in their discretionary spending and while we still feel our unique assortment of high demand footwear will drive traffic and sales, margins are expected to be negatively impacted.” The company is now expecting fiscal 2024 sales to grow in the mid-single digits compared with fiscal 2023, and for EPS to range from $9.50 to $10.00. The FactSet consensus implies sales growth of 7.3% and expects EPS of $10.40. The stock has gained 48% in the last 12 months, while the S&P 500 SPX has fallen 9%.
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