Hibbett provided financial results for its fourth quarter ended February 3, 2024, (“Fiscal 2024â€).
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The fourth quarter and Fiscal 2024 ended on February 3, 2024. The fourth quarter included 14 weeks of results and Fiscal 2024 included 53 weeks of results.
Net sales increased 1.8% to $466.6 million compared with $458.3 million for the 13-weeks ended January 28, 2023.
Comparable sales declined 6.4% versus the equivalent 13-weeks in the prior year.
Brick and mortar comparable sales declined 9.2%, while e-commerce increased 6.9% on a year-over-year basis, excluding the impact of the 53rd week.
E-commerce represented 18.9% of total net sales for the 14-weeks ended February 3, 2024, compared to 17.4% in the 13-weeks ended January 28, 2023.
Gross margin was 34.5% of net sales for the 14-weeks ended February 3, 2024, compared with 35.2% of net sales for the 13-weeks ended January 28, 2023.
The approximate 70 basis point decline was primarily due to lower average product margin of approximately 125 basis points and an approximate 55 basis-point increase in store occupancy costs.
Freight, shipping, logistics costs and shrink have improved as a percent of sales on a year-over-year basis, partially offsetting the unfavorable average product margin and store occupancy performance.
Freight was favorable by approximately 65 basis points, logistics was favorable by approximately 30 basis points and shrink was favorable by approximately 15 basis points.
Net income for the 14-weeks ended February 3, 2024, was $30.9 million, or $2.55 per diluted share, compared to $38.4 million, or $2.91 per diluted share for the 13-weeks ended January 28, 2023.
During the 14-weeks ended February 3, 2024, the Company paid a quarterly dividend equal to $0.25 per outstanding common share that resulted in a cash outlay of $2.9 million.
Capital expenditures during the 14-weeks ended February 3, 2024, were $20.7 million compared to $15.4 million in the 13-weeks ended January 28, 2023. ■