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Factors Likely to Influence Hibbett's (HIBB) Q3 Earnings
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Hibbett, Inc. (HIBB - Free Report) is likely to witness a year-over-year decline in its top and bottom lines when it reports third-quarter fiscal 2024 earnings on Nov 21. The Zacks Consensus Estimate for revenues is pegged at $414.7 million, indicating a decline of 4.3% from the prior-year quarter’s reported figure.
The consensus estimate for earnings has remained unchanged at $1.12 in the past 30 days. However, this indicates a decline of 42.3% from that reported in the prior-year period.
We expect fiscal third-quarter net revenues to decrease 4.9% year over year to $412.1 million and the bottom line to plunge 43.2% to $1.10.
Hibbett, which engages in the retail of athletic-inspired fashion products, has a negative trailing four-quarter average earnings surprise of 2.24%. HIBB’s earnings beat the Zacks Consensus Estimate by 25% in the last reported quarter.
Hibbett has been witnessing exceptional consumer experience in underserved markets along with positive customer response stemming from compelling product assortment and market share gains. Strength across footwear, and men's, women's and kids’ apparel also bodes well. The company remains focused on its store growth plan and improved product assortment to attract consumers.
Solid e-commerce business and the expansion of the loyalty program bode well. Hibbett has been boosting its customer base by connecting with more customers through e-commerce and selective store expansion. Further, it is leveraging its omnichannel capabilities, such as home delivery, buy online and pick-up in store, reserve online and pick-up in store, buy online ship to store facility, same-day delivery and mobile app services to fulfill online orders and serve customers. HIBB is progressing well with its loyalty program to enhance its omnichannel initiatives.
However, Hibbett’s fiscal third-quarter 2024 results are expected to reflect muted discretionary spending due to inflation. Also, it has been reeling under higher costs for essential items like food, utilities and gas, resulting in reduced discretionary spending. Its apparel business continues to witness soft demand amid higher promotions. Persistent inflation led to increases in operating costs, including higher wages and prices for various goods and services.
HIBB has been witnessing elevated inventory due to product cost inflation and an unfavorable mix. On its last earnings call, management expected a continued promotional environment and muted consumer spending to hurt the company’s fiscal third-quarter performance. It also predicted year-over-year inventory to remain volatile due to supply-chain challenges.
What the Zacks Model Unveils
Our proven model doesn’t conclusively predict an earnings beat for Hibbett this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
Hibbett currently has a Zacks Rank #3 and an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With the Favorable Combination
Here are some companies you may want to consider as our model shows that these have the right combination of elements to post an earnings beat:
Costco Wholesale (COST - Free Report) currently has an Earnings ESP of +4.26% and a Zacks Rank #2. The company is likely to register top-and-bottom-line growth when it reports first-quarter fiscal 2024 numbers. The Zacks Consensus Estimate for Costco’s quarterly revenues is pegged at $57.7 billion, indicating a rise of nearly 6% from the figure reported in the prior-year quarter. You can seethe complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Costco’s quarterly EPS of $3.43 suggests an increase of 10.7% from the year-ago quarter’s levels. COST has a trailing four-quarter earnings surprise of 2.1%, on average.
Ross Stores (ROST - Free Report) currently has an Earnings ESP of +2.40% and a Zacks Rank #2. The company is likely to register growth in the top and bottom lines when it reports third-quarter fiscal 2023 numbers. The consensus mark for ROST’s quarterly earnings has been unchanged at $1.21 per share in the past 30 days. The consensus estimate calls for 21% growth from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for Ross Stores’ quarterly revenues is pegged at $4.83 billion, which suggests growth of 5.8% from the figure reported in the prior-year quarter.
Walmart (WMT - Free Report) currently has an Earnings ESP of +0.21% and a Zacks Rank #2. The company is likely to register growth in the top and bottom lines when it reports third-quarter fiscal 2023 results. The consensus mark for WMT’s quarterly revenues is pegged at $159.1 billion, which implies 4.1% growth from the figure reported in the prior-year quarter.
The consensus mark for WMT’s quarterly earnings has moved up by a penny in the past seven days to $1.51 per share. The consensus estimate indicates growth of 0.7% from the year-ago quarter.
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Factors Likely to Influence Hibbett's (HIBB) Q3 Earnings
Hibbett, Inc. (HIBB - Free Report) is likely to witness a year-over-year decline in its top and bottom lines when it reports third-quarter fiscal 2024 earnings on Nov 21. The Zacks Consensus Estimate for revenues is pegged at $414.7 million, indicating a decline of 4.3% from the prior-year quarter’s reported figure.
The consensus estimate for earnings has remained unchanged at $1.12 in the past 30 days. However, this indicates a decline of 42.3% from that reported in the prior-year period.
We expect fiscal third-quarter net revenues to decrease 4.9% year over year to $412.1 million and the bottom line to plunge 43.2% to $1.10.
Hibbett, which engages in the retail of athletic-inspired fashion products, has a negative trailing four-quarter average earnings surprise of 2.24%. HIBB’s earnings beat the Zacks Consensus Estimate by 25% in the last reported quarter.
Hibbett, Inc. Price and EPS Surprise
Hibbett, Inc. price-eps-surprise | Hibbett, Inc. Quote
Key Factors to Consider
Hibbett has been witnessing exceptional consumer experience in underserved markets along with positive customer response stemming from compelling product assortment and market share gains. Strength across footwear, and men's, women's and kids’ apparel also bodes well. The company remains focused on its store growth plan and improved product assortment to attract consumers.
Solid e-commerce business and the expansion of the loyalty program bode well. Hibbett has been boosting its customer base by connecting with more customers through e-commerce and selective store expansion. Further, it is leveraging its omnichannel capabilities, such as home delivery, buy online and pick-up in store, reserve online and pick-up in store, buy online ship to store facility, same-day delivery and mobile app services to fulfill online orders and serve customers. HIBB is progressing well with its loyalty program to enhance its omnichannel initiatives.
However, Hibbett’s fiscal third-quarter 2024 results are expected to reflect muted discretionary spending due to inflation. Also, it has been reeling under higher costs for essential items like food, utilities and gas, resulting in reduced discretionary spending. Its apparel business continues to witness soft demand amid higher promotions. Persistent inflation led to increases in operating costs, including higher wages and prices for various goods and services.
HIBB has been witnessing elevated inventory due to product cost inflation and an unfavorable mix. On its last earnings call, management expected a continued promotional environment and muted consumer spending to hurt the company’s fiscal third-quarter performance. It also predicted year-over-year inventory to remain volatile due to supply-chain challenges.
What the Zacks Model Unveils
Our proven model doesn’t conclusively predict an earnings beat for Hibbett this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
Hibbett currently has a Zacks Rank #3 and an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With the Favorable Combination
Here are some companies you may want to consider as our model shows that these have the right combination of elements to post an earnings beat:
Costco Wholesale (COST - Free Report) currently has an Earnings ESP of +4.26% and a Zacks Rank #2. The company is likely to register top-and-bottom-line growth when it reports first-quarter fiscal 2024 numbers. The Zacks Consensus Estimate for Costco’s quarterly revenues is pegged at $57.7 billion, indicating a rise of nearly 6% from the figure reported in the prior-year quarter. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Costco’s quarterly EPS of $3.43 suggests an increase of 10.7% from the year-ago quarter’s levels. COST has a trailing four-quarter earnings surprise of 2.1%, on average.
Ross Stores (ROST - Free Report) currently has an Earnings ESP of +2.40% and a Zacks Rank #2. The company is likely to register growth in the top and bottom lines when it reports third-quarter fiscal 2023 numbers. The consensus mark for ROST’s quarterly earnings has been unchanged at $1.21 per share in the past 30 days. The consensus estimate calls for 21% growth from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for Ross Stores’ quarterly revenues is pegged at $4.83 billion, which suggests growth of 5.8% from the figure reported in the prior-year quarter.
Walmart (WMT - Free Report) currently has an Earnings ESP of +0.21% and a Zacks Rank #2. The company is likely to register growth in the top and bottom lines when it reports third-quarter fiscal 2023 results. The consensus mark for WMT’s quarterly revenues is pegged at $159.1 billion, which implies 4.1% growth from the figure reported in the prior-year quarter.
The consensus mark for WMT’s quarterly earnings has moved up by a penny in the past seven days to $1.51 per share. The consensus estimate indicates growth of 0.7% from the year-ago quarter.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.