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Hibbett Reports Second Quarter Fiscal 2013 Results

Hibbett Sports, Inc. (NASDAQ/GS: HIBB):
  • Achieves 11th Consecutive Quarter of Comparable Store Sales Increase
  • EPS Increases 43%
  • Raises Fiscal 2013 Guidance

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

Financial Highlights

Net sales for the 13-week period ended July 28, 2012, increased 8.0% to $165.4 million compared with $153.1 million for the 13-week period ended July 30, 2011. Comparable store sales increased 4.8%. Net income for the 13-week period ended July 28, 2012, increased 32.9% to $7.9 million compared with $5.9 million for the 13-week period ended July 30, 2011. Earnings per diluted share increased 42.9% to $0.30 compared with $0.21 for the 13-week period ended July 30, 2011.

Net sales for the 26-week period ended July 28, 2012, increased 11.7% to $398.4 million compared with $356.8 million for the 26-week period ended July 30, 2011. Comparable store sales increased 8.4%. Net income for the 26-week period ended July 28, 2012, increased 25.6% to $34.3 million compared with $27.3 million for the 26-week period ended July 30, 2011. Earnings per diluted share increased 30.6% to $1.28 compared with $0.98 for the 26-week period ended July 30, 2011.

Jeff Rosenthal, President and Chief Executive Officer, stated, “Our outlook for Fiscal 2013 continues to indicate solid earnings growth driven by positive sales trends and margin improvement. Based on our strong first half results, we are raising full year earnings estimates. Our small market strategy of bringing premium branded products to underserved markets continues to drive results.”

For the quarter, Hibbett opened 7 new stores, expanded 3 high performing stores and closed 5 underperforming stores, bringing the store base to 837 in 26 states as of July 28, 2012.

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