Athletic fashion retailer Hibbett reported net sales of $374.9 million for the second quarter ended July 29, down 4.6 per cent year over year.

The company’s overall comparable sales dropped 7.3 per cent versus the prior year period. Brick-and-mortar comparable sales and e-commerce sales declined 7.7 per cent and 5.2 per cent, respectively.

Gross margin was 32.8 per cent of net sales compared with 34.4 per cent in the same period last year.

The firm registered net income of $10.9 million, down from $24.7 million, or $1.86 per diluted share, for the second quarter of 2022.

Five new stores were open during the 13-week period, bringing the store base to 1148 in 36 states.

Mike Longo, president and CEO of Hibbett said he was pleased with the company’s performance for the second quarter. 

“Our business model focuses on providing an exceptional consumer experience in underserved markets and produced solid financial results despite a challenging retail environment,” Longo elaborated.

“Although we still face considerable headwinds, we are well positioned for continued growth when market conditions improve.”

The company reiterated its full-year guidance, expecting total sales to be flat or up 2 per cent, and net store growth to reach 40-50 units.