HIBB - Why Hibbett Stock Soared Today
2023-11-21 12:38:36 ET
Shares of sporting goods retailer Hibbett (NASDAQ: HIBB) soared on Tuesday after the company delivered solid financial results for its fiscal third quarter of 2024 and raised its full-year financial guidance in certain metrics. As of 10:45 a.m. ET, Hibbett stock was up 12%.
Hibbett's fiscal quarter ended in October. The company's same-store sales fell 2.7% year over year, which was far better than its 7.3% decline in the previous quarter. It's worth noting that rival Dick's Sporting Goods also reported financial results today and it registered 1.7% growth in its same-store sales, which was also stronger than expected. In other words, shoppers seem to be spending more than expected, generally speaking, to the benefit of both companies.
Through operational discipline and surprisingly strong e-commerce sales, Hibbett is also demonstrating good profitability. Moreover, by repurchasing shares in Q3, the company was able to grow its earnings per share (EPS) to $2.05, up from $1.94 in the prior-year period.
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Why Hibbett Stock Soared Today