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BIRMINGHAM, Ala. (December 3, 2021) - Hibbett, Inc. (Nasdaq/GS: HIBB), an athletic-inspired fashion retailer, today provided financial results for its third quarter ended October 30, 2021, and business updates.
Mike Longo, President and Chief Executive Officer, stated, “Our business continued to experience positive momentum during the third quarter. Our focused strategy of providing a compelling assortment of highly coveted merchandise coupled with superior customer service and a best-in-class omni-channel platform led to increased traffic, a higher average ticket, and a greater number of items purchased per transaction. The revenue growth and strong profitability we have generated over the past two years provides us with a solid base to continue expanding our reach and will contribute to achieving our long-term goals.”
Mr. Longo continued, “Despite ongoing challenges in the supply chain, our inventory position improved significantly during the third quarter. We are very well-positioned for the holiday selling season and our vendor partners continue to recognize and appreciate our differentiated business model and our ability to provide an outstanding customer experience in underserved communities.”
Finally, Mr. Longo concluded, “The dedication and passion from team members throughout the company connects us to the communities we serve and is a critical element in navigating the dynamic retail environment we operate in. We remain focused on execution and continue to believe investments in our employees, stores, the online experience, distribution capabilities, and our vendor relationships position the Hibbett and City Gear brands to thrive in this ever-changing competitive landscape.”
Third Quarter Results
Net sales for the 13-week period ended October 30, 2021, increased 15.2% to $381.7 million compared with $331.4 million for the 13-week period ended October 31, 2020, and reflected a two-year increase of 38.6% compared to the $275.5 million for the 13-week period ended November 2, 2019. Compared to the 13-week period ended October 31, 2020, comparable sales increased 13.0%, as brick and mortar comparable sales increased 11.6% and e-commerce sales increased 22.3%. E-commerce represented 14.0% of total net sales for the 13-week period ended October 30, 2021, compared to 13.2% in the 13-week period ended October 31, 2020. On a two-year basis, comparable sales increased 37.4% versus the 13-week period ended November 2, 2019. Brick and mortar comparable sales increased 31.6% and e-commerce sales grew 84.2% over this two-year period. As a reminder, we believe sales in the 13-week period ended October 31, 2020, were positively impacted by market disruption, improved new customer retention, continued strength in omni-channel adoption, the availability of in-demand product, as well as stimulus payments. This year, we believe our increased market share, improved customer engagement, and availability of in-demand product were the primary drivers of our sales growth.