Liquidity and Stock Repurchases
Hibbett ended second quarter of Fiscal 2013 with $71.5 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 second quarter, the Company repurchased 176,443 shares of common stock for a total expenditure of $10.2 million. Approximately $121.5 million of the current $250.0 million authorization remains available for future stock repurchases.
Fiscal 2013 OutlookThe Company increased its earnings guidance for Fiscal 2013 to a range of $2.57 to $2.67 per diluted share (which includes an expected contribution of $0.07 to $0.09 per diluted share from the 53 rd week) and a mid single digit comparable store sales increase. For Fiscal 2013, the Company expects to open 55 to 60 new stores, expand approximately 15 high performing stores and close up to 18 underperforming stores. Investor Conference Call and Simulcast Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on Friday, August 17, 2012, to discuss second quarter of Fiscal 2013 results. The number to call for the live interactive teleconference is (212) 231-2934. A replay of the conference call will be available until August 24, 2012, by dialing (402) 977-9140 and entering the passcode, 21576994. The Company will also provide an online Web simulcast and rebroadcast of its second quarter of Fiscal 2013 conference call. The live broadcast of Hibbett's quarterly conference call will be available online at www.hibbett.com under Investor Relations, www.streetevents.com and www.earnings.com, on August 17, 2012, beginning at 10:00 a.m. ET. The online replay will follow shortly after the call and continue through August 24, 2012. Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized markets, predominately in the South, Mid-Atlantic and the lower Midwest regions of the United States. The Company’s primary store format is Hibbett Sports, a 5,000-square-foot store located in strip centers and enclosed malls.