HIBB stock jumped more than 15% Friday after Hibbett Sports released its fiscal Q1 report, which surpassed expectations.
Here’s what we know.
HIBB Stock Up On Q1 Results
Hibbett Sports (NASDAQ:HIBB), which operates sporting goods stores in the United States and offers athletic equipment, footwear and apparel, posted its fiscal first-quarter report today, May 24, surpassing expectations.
Highlights from the report include net sales jumping 25% Y-O-Y to $343 million, beating expectations of $326.1 million. As for same-store sales, this increased by 5.1%, and net income came in at $1.61 per share ($29.8 million). For perspective, analysts were forecasting net income to come in at $1.32 per share.
“Our first quarter results reflect improved performance in both the store and e-commerce channels,” said CEO Jeff Rosenthal. “We believe our improved web traffic and mobile app, along with continued traction in Buy Online, Pickup in Store, are translating to traffic in our stores and online.”
Beating expectations certainly played a role in where HIBB stock is trading at today. But, one could argue that the company increasing its outlook for fiscal 2020 also helped. Now, the company expects EPS to fall between the range of $2 and $2.15 per share.
Whichever part of the report excited investors — honestly, it could have been the whole report that did it — HIBB stock is trading deep in the green zone hours after the report was released.
According to Yahoo Finance, as of 2:51 PM EDT, HIBB stock is trading at $24.01, which puts HIBB stock up 21.14%.
Many investors seem to be focusing on either the cannabis market or the cryptocurrency industry, and that’s fair. But when we only focus on two things, we often forget that there are other profitable companies out there, ones worth keeping an eye on.
Based on Hibbett Sports Q1 report and the direction HIBB stock took on the market today, this might very well be one of those companies.
What do you think? Let us know in the comments below!
Featured image: DepositPhotos