This Day On The Street
Continue to site
ADVERTISEMENT
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

Hibbett Sports Management Discusses Q2 2013 Results - Earnings Call Transcript

Scott Justin Bowman

Thank you, and good morning. In order for us to take advantage of Safe Harbor rules, I would like to remind you that any projections or statements made today reflect our current views with respect to future events and our financial performance. There is no assurance that such events will occur or that any projections will be achieved. Our actual results could differ materially from any projections due to various risk factors, which are described from time to time in our periodic reports with the SEC.

Michael J. Newsome

Thank you. Now our President and CEO, Jeff Rosenthal, will speak with you.

Jeffry O. Rosenthal

Good morning. As you know from our press release this morning, our second quarter earnings per share were up $0.30 versus $0.21 a year ago, a 43% increase. Overall sales for the second quarter increased 8% to $165.4 million compared to $153.1 million a year ago. Comparable sales increased 4.8%. Comps by month are as follows: May, up 9.21%; June, up 1.91%; July, up 4.09%.

From a real estate perspective, we opened 7 new stores, expanded 3 high-performing stores and closed 5 underperforming stores, bringing the store base to 837 stores in 26 states. We continue to have 400 additional markets identified in our existing 26-state area and can still easily grow to over 1,300 stores. We are on pace to open 55 to 60 new stores and expand approximately 15 high-performing stores. There is no reason that we cannot operate in all states over time.

We have started very strong in comparable sales through yesterday, with sales up mid-single range. With back-to-school pushed back in our 5 largest store states, Alabama, Texas, Arkansas, South Carolina and Oklahoma, we expect even a better result. Our comps have excelled, being up double digits the last 3 days, and we expect more to come. Our company is confident moving forward in the back half of the year by moving our fiscal 2013 guidance to a range of $2.57 to $2.67 per share.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,120.78 +40.64 0.22%
S&P 500 2,121.90 +4.21 0.20%
NASDAQ 5,102.2320 +10.1470 0.20%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs