Hibbett Stock Gains After Q3 Beat, Solid Outlook - Hibbett (NASDAQ:HIBB)

Hibbett Inc HIBB reported third-quarter FY21 sales growth of 15.2% year-on-year, to $381.72 million, beating the analyst consensus of $360.63 million.
Comparable sales increased 13% versus last year, as brick and mortar comparable sales increased 11.6% and e-commerce sales rose 22.3%.
Comparable sales increased 37.4% on a two-year basis versus the 13 weeks ended November 2, 2019.
EPS of $1.68 beat the analyst consensus of $1.57.
The gross margin contracted 200 basis points Y/Y to 36.3%, reflecting increased freight and transportation costs.
The operating margin contracted 120 basis points to 8.8%, and operating income for the quarter rose 0.7% to $33.4 million.
Hibbett held $29.7 million in cash and equivalents as of October 30, 2021.
Inventory at Q3 end was $258.8 million, a 22.8% increase over last year. Store count at the end of Q3 was 1,086 versus 1,074 last year.
Outlook: Hibbett raised FY22 EPS outlook to $11.70 - $11.90 (prior view $11.00 - $11.50) versus the consensus of $11.00.
The company expects Q4 GAAP EPS of $1.85 - $2.05, above the consensus of $1.65.
Price Action: HIBB shares are trading higher by 8.01% at $77.94 in premarket on the last check Friday.