Hibbett provided financial results for its second quarter ended July 30, 2022.<br><br>rnNet sales for the 13-weeks ended July 30, 2022, decreased 6.3% to $392.8 million compared with $419.3 million for the 13-weeks ended July 31, 2021.
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Comparable sales decreased 9.2% versus the prior year but increased by 54.4% compared to the 13-weeks ended August 3, 2019 (“Fiscal 2020â€), the most relevant comparable period prior to the COVID-19 pandemic. Brick and mortar comparable sales declined 11.9% while e-commerce sales increased 8.3% on a year-over-year basis. In relation to the 13-weeks ended August 3, 2019, brick and mortar comparable sales increased 42.0% and e-commerce sales grew 174.4%.
E-commerce represented 15.2% of total net sales for the 13-weeks ended July 30, 2022, compared to 13.1% in the 13-weeks ended July 31, 2021, and 8.6% of total net sales for the 13-weeks ended August 3, 2019.
Gross margin was 34.4% of net sales for the 13-weeks ended July 30, 2022, compared with 39.0% of net sales for the 13-weeks ended July 31, 2021. The approximate 460 basis point decline was driven by lower average product margin of approximately 225 basis points, increased freight and transportation cost of approximately 125 basis points and deleverage of store occupancy of approximately 110 basis points.
Store operating, selling and administrative (“SG&Aâ€) expenses were 23.3% of net sales for the 13-weeks ended July 30, 2022, compared with 22.3% of net sales for the 13-weeks ended July 31, 2021. The approximate 100 basis point increase is primarily the result of deleverage from the year-over-year sales decline in categories such as wages, employee benefits, repairs and maintenance, and supplies necessary to support a larger store base and increased e-commerce volume.
Net income for the 13-weeks ended July 30, 2022, was $24.7 million, or $1.86 per diluted share, compared with net income of $46.7 million, or $2.86 per diluted share, for the 13-weeks ended July 31, 2021.
For the 13-weeks ended July 30, 2022, we opened 12 net new stores, bringing the store base to 1,117 in 36 states, including the opening of our first store in Nevada.
As of July 30, 2022, we had $28.4 million of available cash and cash equivalents on our unaudited condensed consolidated balance sheet and we had $88.5 million of debt outstanding, leaving $36.5 million available under our $125.0 million unsecured credit facility.
Inventory as of July 30, 2022, was $366.2 million, a 68.9% increase compared to the prior year second quarter and up 65.5% from the beginning of the year.
During the 13-weeks ended July 30, 2022, we repurchased 145,178 shares of common stock under Stock Repurchase Program (the “Repurchase Programâ€) for a total expenditure of $7.0 million. The Company also paid a quarterly dividend equal to $0.25 per outstanding common share that resulted in a cash outlay of $3.2 million. ■