Stocks in Hibbett fall because Q1 sales don’t meet analysts’ expectations.

Before the market opened on Wednesday, Hibbett Inc. HIBB, -0.12% reported a better-than-expected profit, but sales were lower than what analysts had expected. For the quarter, the sporting goods store made $32.5 million, or $2.67 per share. This is down from $35.9 million, or $2.74 per share, during the same time last year. FactSet polled analysts and found that they expected the company to make $2.58 per share. Sales dropped from $455.5 million in the same quarter last year to $447.2 million this year. FactSet polled analysts, and they thought sales would be $452.9 million. Shares of Hibbett are down 0.6% before the market opens. “In a very tough athletic footwear and apparel retail market, our sales and diluted earnings per share for the first quarter of Fiscal 2025 were in line with our expectations,” Hibbett CEO Mike Longo said in prepared remarks. Same-store sales at Hibbett’s went down 5.8%. FactSet polled analysts and found that they were expecting a 4.3% drop. The Alabama-based company that sells sportswear did not change its previously issued financial guidance because it was still working on a deal with JD Sports Fashion. JD Sports JD, +0.57% said in April that it would buy Hibbett for $1.1 billion. In 2024, Hibbett shares are up 19.8%, which is more than the 10.9% gain in the S&P 500 index (SPX, +0.15%).