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Hibbett Reports Third Quarter Fiscal 2013 Results

Stocks in this article: HIBB

Gross profit for the 39-week period ended October 27, 2012, increased 13.5% to $220.4 million from $194.2 million for the 39-week period ended October 29, 2011. As a percent to net sales, gross profit improved to 36.7% for the 39-week period ended October 27, 2012, compared to 35.8% for the 39-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 20.9% of net sales for the 39-week period ended October 27, 2012, compared to 21.4% of net sales for the 39-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 39-week period ended October 27, 2012, increased 23.1% to $53.2 million compared with $43.2 million for the 39-week period ended October 29, 2011. Earnings per diluted share increased 27.6% to $1.99 compared with $1.56 for the 39-week period ended October 29, 2011.

Jeff Rosenthal, President and Chief Executive Officer, stated, “The back-to-school season, particularly in August, was as strong as we had anticipated. The positive trends in apparel and footwear, along with our continued focus on local assortments and exceptional inventory control, resulted in significant margin expansion and another increase to our Fiscal 2013 guidance. We are well positioned to maintain this positive momentum during the upcoming holiday season.”

For the quarter, Hibbett opened 13 new stores, expanded 4 high performing stores and closed 2 underperforming stores, bringing the store base to 848 in 26 states as of October 27, 2012.

Liquidity and Stock Repurchases

Hibbett ended the third quarter of Fiscal 2013 with $75.3 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.

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