By Sam Boughedda
Investing.com -- Shares of sporting goods retailer Hibbett Sports Inc (NASDAQ:HIBB) reversed losses after earnings came in below analyst expectations, ending the session up 2.8%.
Earlier in the session the stock fell to a low of $45.33 Friday,
The Birmingham, Alabama-based business announced earnings per share of $1.25 on revenue of $383.35 million. Analysts polled by Investing.com anticipated EPS of $1.35 on revenue of $414.66 million.
Hibbett's fourth-quarter comparable sales decreased 1%. In addition, brick and mortar comparable sales fell 1.6%, although e-commerce comparable sales increased 1.8%.
The company said that after a strong sales trend leading up to the Christmas holiday, traffic and transactions declined in the back half of the quarter.
"We believe disruption in the supply chain, most notably in the footwear category, coupled with consumer concern over inflation and an increase in COVID-19 cases driven by the Omicron variant were significant contributors to the sales shortfall," the company said.
Looking ahead, the company expects to face further challenges in the 52-weeks ending Jan. 28, 2023. Hibbett cited ongoing supply chain disruption, a lack of stimulus and unemployment benefits, inflation, wage pressures, and a more cautious consumer as potential headwinds this year.
As a result, Hibbett expects total net sales to be relatively flat this year, with comparable sales forecast in the negative low-single digits for the year.