This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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




3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs