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By Dhirendra Tripathi
Investing.com – Hibbett Sports stock (NASDAQ:HIBB) plunged more than 10% Friday as both offline and online sales fell at a time when most casual and sportswear retailers have reported strong turnovers.
Sales at most casual and sportswear retailers have boomed in the last year as people have preferred wearing comfort clothing, whether they are working from home or in the office.
Net sales for the 13-weeks ended July 31 fell 5.1% to $419.3 million.
Comparable sales fell 6.4%, as brick and mortar comparable sales declined 3.8% and e-commerce sales decreased 20%. Contribution of e-commerce sales fell to 13% of total net sales compared to 16% last year.
Adjusted profit per share fell to $2.86 from $2.95.
Notwithstanding the setback in sales, Hibbett President and Chief Executive Officer Mike Longo said the company grabbed market share and offset challenges that included reduced stimulus payments and less disruption at its competitors.
The company now expects comparable sales to grow 15% to 16% compared to the 9% to 12% growth it foresaw earlier.