Hibbett Sports's single digit drop in sales shows a positive change from a disastrous February

The specialty sports retailer announced a drop in sales for the most recent period compared to the same time last year. The Alabama-based company saw sales drop 2.3 percent to $275.7 million.


 
Despite the decrease in sales, the new number represented a positive change for Hibbett, which had seen double digit decreases for the previous period. According to Hibbett’s president and CEO Jeff Rosenthal, March and April showed a change in the right direction, but not enough to fully offset the poor performance in February.
 
The company says footwear performed well, while reductions in prices in order to offload inventory resulted in a decrease in gross sales. Hibbett also recently launched a store-to-home capability in its stores, which it says has already seen positive results.
 
“We expect to see increased benefits from this initiative going forward, as it gives our stores a great tool to improve sales and to enhance the customer experience. Additionally, we are excited about the continued progress on our e-commerce initiative and remain on track to launch this capability in the third quarter,” Rosenthal said.
 
During the quarter, Hibbett closed nine stores, while also opening 13 new locations and expanding high-performing existing outlets. It currently holds 1,082 stores across 35 states.
 
Hibbett was founded in 1945 and is headquartered in Birmingham, Alabama, with the majority of its stores found across the Southern and Midwestern United States. 
 

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