Hibbett Reports Second Quarter Fiscal 2013 Results

A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters discussed in this press release are "forward looking statements" as that term is used in the Private Securities Litigation Reform Act of 1995. Forward looking statements address future events, developments or results and typically use words such as believe, anticipate, expect, intend, plan, forecast, guidance, outlook, or estimate . For example, our forward looking statements include statements regarding store opening, expansion and closing plans, liquidity, sales trends, margin trends, the effect of the 53 ^rd week, earnings per diluted share and comparable store sales for Fiscal 2013. Such statements are subject to risks and uncertainties that could cause actual results to differ materially, including economic conditions, industry trends, merchandise trends, vendor relationships, customer demand, and competition. For a discussion of these factors, as well as others which could affect our business, you should carefully review our Annual Report and other reports filed from time to time with the Securities and Exchange Commission, including the "Risk Factors," "Business" and "MD&A" sections in our Annual Report on Form 10-K filed on March 26, 2012, and our Quarterly Report on Form 10-Q filed on June 1, 2012. In light of these risks and uncertainties, the future events, developments or results described by our forward looking statements in this document could turn out to be materially and adversely different from those we discuss or imply. We are not obligated to release publicly any revisions to any forward looking statements contained in this press release to reflect events or circumstances occurring after the date of this report and you should not expect us to do so.

HIBBETT SPORTS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
			Thirteen Weeks Ended								Twenty-Six Weeks Ended
			July 28,				July 30,				July 28,				July 30,
			2012				2011				2012				2011
Net sales			$	165,445			$	153,127			$	398,359			$	356,783
Cost of goods sold, distribution center and store occupancy costs				108,920				102,490				253,405				230,353
Gross profit				56,525				50,637				144,954				126,430
Store operating, selling and administrative expenses				40,968				37,969				83,772				76,342
Depreciation and amortization				3,180				3,300				6,406				6,580
Operating income				12,377				9,368				54,776				43,508
Interest expense, net				41				60				89				116
Income before provision for income taxes				12,336				9,308				54,687				43,392
Provision for income taxes				4,441				3,368				20,429				16,115
Net income			$	7,895			$	5,940			$	34,258			$	27,277
Net income per common share:
Basic earnings per share			$	0.30			$	0.22			$	1.30			$	1.00
Diluted earnings per share			$	0.30			$	0.21			$	1.28			$	0.98
Weighted average shares outstanding:
Basic				26,228				27,267				26,289				27,356
Diluted				26,702				27,804				26,800				27,889

Unaudited Condensed Consolidated Balance Sheets
(In thousands)
					July 28,				January 28,
					2012				2012
Assets
Cash and cash equivalents					$	71,467			$	55,138
Inventories, net						198,971				195,071
Other current assets						26,163				18,564
Total current assets						296,601				268,773
Property and equipment, net						40,020				39,596
Other assets						5,710				5,327
Total assets					$	342,331			$	313,696
Liabilities and Stockholders' Investment
Accounts payable					$	86,787			$	73,735
Short-term capital leases						163				173
Accrued expenses						16,388				17,750
Total current liabilities						103,338				91,658
Non-current liabilities						18,037				18,288
Stockholders' investment						220,956				203,750
Total liabilities and stockholders' investment					$	342,331			$	313,696

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