**Hibbett Sports’** second-quarter sales declined, while its first-half sales inched forward, as the athletic retailer faced challenging comparisons to last year’s elevated levels and a shift in consumer spending. .
Net sales for the three months ended July 30 decreased 4.3% to $355.5 million, from $372.6 million in the prior-year period. Comparable store sales fell 2.6%, following a 33.6% gain in the year-ago quarter. On a two-year stack basis, comparable store sales increased 11.1%. .
Total sales for the first half of fiscal 2023 increased a modest 0.5% to $704.1 million, from $700.7 million last year. Comparable store sales edged up 0.3%, after climbing 32.4% in the comparable period in 2022. On a two-year basis, comparable store sales rose 10.5%. .
Hibbett’s gross margin rate contracted 130 basis points to 34.4%, due to higher markdowns and increased freight costs. .
Net loss widened to $18.5 million, or $1.27 per diluted share, from a loss of $11.2 million, or 77 cents per diluted share, in the second quarter of fiscal 2022. .
For the first half of the year, the company’s net loss expanded to $31.4 million, or $2.16 per diluted share, from a loss of $22.2 million, or $1.53 per diluted share, in the first half of fiscal 2022. .
