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TheStreet Open House

Hibbett Reports Third Quarter Fiscal 2013 Results

Hibbett Sports, Inc. (NASDAQ/GS: HIBB):

  • Achieves 12th Consecutive Quarter of Comparable Store Sales Increase
  • Comparable Store Sales up 6.4% on Strong Back-to-School Sales
  • EPS Increases 20%
  • Raises Fiscal 2013 Guidance

Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the third quarter ended October 27, 2012.

Third Quarter Results

Net sales for the 13-week period ended October 27, 2012, increased 9.6% to $202.9 million compared with $185.2 million for the 13-week period ended October 29, 2011. Comparable store sales increased 6.4%.

Gross profit for the 13-week period ended October 27, 2012, increased 11.2% to $75.4 million from $67.8 million for the 13-week period ended October 29, 2011. As a percent to net sales, gross profit improved to 37.2% compared to 36.6% for the 13-week period ended October 29, 2011. The improvement as a percent of net sales was due to improved product margin and leveraging store occupancy costs.

Store operating, selling and administrative expenses improved to 20.7% of net sales for the 13-week period ended October 27, 2012, compared to 21.3% of net sales for the 13-week period ended October 29, 2011. This was primarily attributed to the leveraging of store level costs and decreased debit card transaction fees.

Net income for the 13-week period ended October 27, 2012, increased 18.8% to $19.0 million compared with $16.0 million for the 13-week period ended October 29, 2011. Earnings per diluted share increased 20.3% to $0.71 compared with $0.59 for the 13-week period ended October 29, 2011.

Fiscal Year to Date Results

Net sales for the 39-week period ended October 27, 2012, increased 10.9% to $601.3 million compared with $542.0 million for the 39-week period ended October 29, 2011. Comparable store sales increased 7.7%.

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