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TheStreet Open House

Hibbett Reports Fourth Quarter And Fiscal 2012 Results

Stocks in this article: HIBB

Hibbett Sports, Inc. (NASDAQ/GS: HIBB):

  • Achieves Ninth Consecutive Quarter of Comparable Store Sales Increase
  • Quarter and Fiscal EPS Increases over 34%
  • Record Operating Margins Fiscal 2012

Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the fourth quarter and fiscal year ended January 28, 2012.

Financial Highlights

Net sales for the 13-week period ended January 28, 2012, increased 10.1% to $190.7 million compared with $173.2 million for the 13-week period ended January 29, 2011. Comparable store sales increased 7.2%. Net income for the 13-week period ended January 28, 2012, increased 27.0% to $15.8 million compared with $12.5 million for the 13-week period ended January 29, 2011. Earnings per diluted share increased 34.1% to $0.59 compared with $0.44 for the 13-week period ended January 29, 2011.

Net sales for the 52-week fiscal year ended January 28, 2012, increased 10.2% to $732.6 million compared with $665.0 million for the 52-week period ended January 29, 2011. Comparable store sales increased 6.8%. Net income for Fiscal 2012, increased 27.3% to $59.1 million compared with $46.4 million for Fiscal 2011. Earnings per diluted share increased 34.4% to $2.15 compared with $1.60 for the 52-week period ended January 29, 2011.

Jeff Rosenthal, President and Chief Executive Officer, stated, “We are pleased with our continued strong performance, sustained margin expansion and exceptional cost management. Fiscal 2012 was another great year of growth, and we are off to a fast start in the first quarter of Fiscal 2013 with an even stronger sales trend. We would like to thank all of our hard working associates for their efforts in helping us deliver these results for our shareholders.”

For the quarter, Hibbett opened 21 new stores, expanded 2 high performing stores and closed 4 underperforming stores, bringing the store base to 832 in 26 states as of January 28, 2012. For Fiscal 2012, the Company opened 52 new stores, expanded 15 high performing stores and closed 18 underperforming stores.

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