Hibbett Sports Inc. stock jumped 6.5% in Friday premarket trading after the athletic retailer reported a record profit in the fiscal first quarter and expanded its share buyback program. Net income totaled $84.8 million, or $5.00 per share, after a loss $15.3 million, or 92 cents per share, last year. Sales of $506.9 million were up from $269.8 million last year. The FactSet consensus was for EPS of $2.56 and sales of $404.0 million. Comparable sales soared 87.3% versus fiscal 2021, ahead of the FactSet consensus for 50.4% growth. Comparable sales were up 51.4% compared with fiscal 2020. E-commerce sales grew 1%, and represented 11.7% of total sales for the quarter. Stores were open 60% of the available days during the same period the previous year, and product launches were moved exclusively online. “Although e-commerce revenue was relatively flat compared to last year’s first quarter, online revenues have grown by over 105% compared to the first quarter of fiscal 2020,” the company said. For fiscal 2022, Hibbett is guiding for comparable sales growth in the high-single digits to low-double digits, up from previous guidance for a single-digit decline to low-single digit growth. EPS is forecast to be in the range of $8.50 to $9.00. The FactSet consensus is for comparable sales growth of 4.7% and EPS of $5.50. Hibbett also added $500 million to its stock repurchase program, bringing the total available to $800 million. The retailer had purchased shares worth $201.0 million from the original $300 million program, which was approved in November 2015 and scheduled to expire on Jan. 29, 2022. Hibbett stock has rallied 89.1% for the year to date while the S&P 500 index has gained 11.8% for the period.
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