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Hibbett (HIBB) Q3 Earnings Report Preview: What To Look For

StockStory - Mon Nov 20, 2023

HIBB Cover Image

Athletic apparel and footwear retailer Hibbett (NASDAQ:HIBB) will be announcing earnings results tomorrow before market hours. Here's what you need to know.

Last quarter Hibbett reported revenues of $374.9 million, down 4.6% year on year, missing analyst expectations by 0.3%. It was weaker quarter for the company, with revenue missing analysts' expectations, driven by underperformance in same-store sales growth. Its gross margin dropped due to higher promotional activity across both footwear and apparel.

Is Hibbett buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Hibbett's revenue to decline 3.8% year on year to $416.6 million, a further deceleration on the 13.5% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.18 per share.

Hibbett Total Revenue

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings.

Looking at Hibbett's peers in the apparel and footwear retail segment, some of them have already reported Q3 earnings results, giving us a hint of what we can expect. TJX delivered top-line growth of 9% year on year, beating analyst estimates by 1.4% and Gap reported revenue decline of 6.7% year on year, exceeding estimates by 4.4%. TJX traded down 2.6% on the results, Gap was up 8.0%.

Read our full analysis of TJX's results here and Gap's results here.

There has been positive sentiment among investors in the apparel and footwear retail segment, with the stocks up on average 8% over the last month. Hibbett is up 10.5% during the same time, and is heading into the earnings with analyst price target of $58, compared to share price of $52.4.

One way to find opportunities in the market is to watch for generational shifts in the economy. Almost every company is slowly finding itself becoming a technology company and facing cybersecurity risks and as a result, the demand for cloud-native cybersecurity is skyrocketing. This company is leading a massive technological shift in the industry and with revenue growth of 70% year on year and best-in-class SaaS metrics it should definitely be on your radar.

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The author has no position in any of the stocks mentioned.