Hibbett Sports, Inc. (NASDAQ: HIBB), an athletic-inspired fashion retailer, today provided financial results for its second quarter.
Net sales for the 13-week period ended August 1, 2020 increased 74.9% to $441.6 million compared with $252.4 million for the 13-week period ended August 3, 2019.
Net income was $40.4 million, or $2.38 per diluted share, compared with a net loss of $8.8 million, or $0.49 per share for the prior-year. On an adjusted basis, net income for the 13-week period ended August 1, 2020, was $50.0 million, or $2.95 per diluted share, compared with adjusted net loss for the 13-week period ended August 3, 2019 of $2.4 million, or $0.13 per share.
For the quarter, Hibbett opened three stores, re-branded four Hibbett stores to City Gear stores and closed eight stores, bringing the store base to 1,077 in 35 states as of August 1, 2020. Store closures primarily included underperforming stores.
CEO Mike Longo said, "Our business continued to generate significant momentum in a challenging business environment. Our resilient business model and dedicated team members delivered on our commitment of superior customer service with a compelling merchandise assortment."
Hibbett ended the second quarter of Fiscal 2021 with $217.8 million of available cash and cash equivalents on the unaudited condensed consolidated balance sheet.
Inventory at the end of the second quarter of Fiscal 2021 was $182.0 million, a 32.7% decrease compared to the prior-year quarter. The strong brick and mortar and e-commerce demand during the quarter was the main driver of the inventory reduction.
HIBB shares took on $1.21, or 4%, to $31.31.
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