Hibbett, Inc. (NASDAQ:HIBB) reported first-quarter fiscal 2025 earnings per share of $2.67, missing the street view of $2.70.

Hibbett registered quarterly revenues of $447.16 million, missing the analyst consensus of $453.91 million. Net sales fell 1.8% year over year.

Comparable sales decreased 5.8% year over year. Brick-and-mortar comparable sales declined 5.8%, while e-commerce sales also decreased 5.8% year over year.

Gross margin was 35.8% of net sales in the first quarter, compared with 33.7% a year ago.

The approximate 210-basis-point increase was driven primarily by higher average product margin, which was approximately 195 basis points favorable to the prior-year period. The improved product margin resulted from a lower promotional and clearance environment.

In the first quarter, the company opened six stores and closed six stores, leaving the store base unchanged from the prior quarter at 1,169 in 36 states.

As of May 4, the company had $28.7 million of available cash and equivalents on an unaudited condensed consolidated balance sheet and $7.5 million of debt outstanding on a $160 million unsecured line of credit.

Inventory was $371.3 million at the end of the first quarter, a 15.2% decrease compared to the prior year's first quarter and up 7.8% from the beginning of the fiscal year.

Guidance Withdrawn: On April 23, Hibbett entered into a definitive agreement to be acquired by a subsidiary of JD Sports Fashion PLC (OTC:JDSPY).

In light of the pending transaction, Hibbett said it will not be hosting an earnings conference call to discuss its results for the first quarter, and will not be providing or updating previously issued financial guidance.

Price Action: HIBB shares are trading lower by 0.31% to $86.00 premarket at last check Wednesday.

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