Page 1

Hibbett Reports Second Quarter Results August 27 , 2021 Quarterly Earnings Per Diluted Share of $ 2.86 , Well Above Consensus Q2 Comp Sales Decline 6.4 % Versus Fiscal 2021 ; Two - Year Comp Increase of 72.8 % • YTD Comp Sales Increase 30.3 % Versus Fiscal 2021 ; Two - Year Comp Increase of 63.4 % Raises Full Year Sales and Diluted EPS Guidance BIRMINGHAM , Ala .-- ( BUSINESS WIRE ) -- Hibbett , Inc. ( Nasdaq / GS : HIBB ) , an athletic inspired fashion retailer , today provided financial results for its second quarter ended July 31 , 2021 , and business updates . Mike Longo , President and Chief Executive Officer , stated , " Our current year second quarter results were strong and compare favorably to the prior year second quarter that experienced a significant boost from market disruption , pent up demand and the first round of stimulus payments . We believe our significant revenue growth and profitability over the previous two years ago demonstrates that our strategy of delivering a compelling assortment of highly coveted merchandise coupled with superior customer service and a best - in - class omni - channel platform will continue to drive strong top and bottom line performance . " Mr. Longo continued , “ Our inventory position improved during the quarter despite ongoing disruptions in the supply chain and helped drive quarterly sales . Foundational enhancements to the customer experience and our ability to attract and stay connected to underserved customers continues to strengthen our relationships with our vendor partners . " Finally , Mr. Longo concluded , " The dedication from all of our team members continues to be a key component of our rapid growth and strong financial performance . We believe that our investments in employees , stores , the online experience , distribution capabilities and our vendor relationships have positioned the Hibbett and City Gear brands to take advantage of the ongoing market disruption and to generate sustainable , profitable growth into the future . " Second Quarter Results Net sales for the 13 - week period ended July 31 , 2021 , decreased 5.1 % to $ 419.3 million compared with $ 441.6 million for the 13 - week period ended August 1 , 2020 , but reflected a two - year increase of 66.1 % compared to the $ 252.4 million for the 13 - week period ended August 3 , 2019. Compared to the 13 - week period ended August 1 , 2020 , comparable sales decreased 6.4 % , as brick and mortar comparable sales declined 3.8 % and e commerce sales decreased 20.4 % . E - commerce represented 13.1 % of total net sales for the 13 - week period ended July 31 , 2021 , compared to 15.7 % in the 13 - week period ended August 1 , 2020. On a two - year basis , comparable sales increased 72.8 % versus the 13 week period ended August 3 , 2019. Brick and mortar comparable sales increased 64.5 % and e - commerce sales grew 153.3 % over this 2 - year period . As a reminder , sales in the 13 - week period ended August 1 , 2020 , were positively impacted by pent - up consumer demand , temporary and permanent store closures by our competitors , and stimulus money