Hibbett, Inc. HIBB shares are trading higher after the company reported Q3 sales of $431.92 million, beating the analyst consensus of $416.02 million. Net sales decreased 0.3% Y/Y. Comparable sales decreased 2.7% Y/Y; brick-and-mortar comparable sales declined 5.4%; e-commerce sales increased 12.6% Y/Y. Hibbett's Q3 EPS of $2.05 beat the street view of $1.17. Gross margin was 33.9% compared with 34.3% in the year-ago period. The approximate 40 basis point decline was driven primarily by a lower average product margin, approximately 130 basis points lower than the prior-year period. This decline was mainly due to higher promotional activity across both footwear and apparel. In the quarter under review, the company opened ten net new stores, bringing the store base to 1,158 in 36 states. As of October 28, 2023, the company had $29.6 million of cash and equivalents in the consolidated balance sheet and $96.9 million of debt outstanding on its $160.0 million unsecured line of credit.