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Hibbett Reports First Quarter Fiscal 2013 Results

Stocks in this article: HIBB

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

  • Achieves 10th Consecutive Quarter of Comparable Store Sales Increase
  • Comparable Store Sales up 11%
  • EPS Increases 29%
  • Increases Fiscal 2013 Guidance

Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the first quarter ended April 28, 2012.

Financial Highlights

Net sales for the 13-week period ended April 28, 2012, increased 14.4% to $232.9 million compared with $203.7 million for the 13-week period ended April 30, 2011. Comparable store sales increased 11.1%. Net income for the 13-week period ended April 28, 2012, increased 23.5% to $26.4 million compared with $21.3 million for the 13-week period ended April 30, 2011. Earnings per diluted share increased 29.0% to $0.98 compared with $0.76 for the 13-week period ended April 30, 2011.

Jeff Rosenthal, President and Chief Executive Officer, stated, “The fast pace of sales and momentum we discussed exiting Fiscal 2012 continued throughout our first quarter. We experienced across-the-board strength in all categories, which, when combined with continued cost management and margin improvement, provides further confidence in raising our outlook for Fiscal 2013. We are proud of the commitment toward excellence that our Hibbett associates demonstrate.”

For the quarter, Hibbett opened 7 new stores, expanded 2 high performing stores and closed 4 underperforming stores, bringing the store base to 835 in 26 states as of April 28, 2012.

Liquidity and Stock Repurchases

Hibbett ended first quarter of Fiscal 2013 with $95.8 million of available cash and cash equivalents on the consolidated balance sheet, no bank debt outstanding and full availability under its $80.0 million unsecured credit facilities.

During the first quarter, the Company repurchased 316,960 shares of common stock for a total expenditure of $16.8 million. Approximately $131.1 million of the current $250.0 million authorization remains for future stock repurchases.

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