During the third quarter, the Company repurchased 206,729 shares of common stock for a total expenditure of $11.8 million. On November 15, 2012, the Board of Directors of the Company authorized a new Stock Repurchase Program (Program) of $250.0 million expiring on January 29, 2016. Effective immediately, the new Program replaces the existing authorization which was due to expire on February 2, 2013. Under prior authorizations, the Company has purchased 11,900,356 shares of common stock to date at a cost of $316.6 million.
Fiscal 2013 Outlook
The Company increased its earnings guidance for Fiscal 2013 to a range of $2.66 to $2.71 per diluted share (which includes an expected contribution of $0.09 to $0.11 per diluted share from the 53 rd week) and an increase in comparable store sales in the mid single digit range. For Fiscal 2013, the Company expects to open 57 to 60 new stores, expand approximately 17 high performing stores, and close up to 18 stores.
The Company also announced it would begin construction of its new 412,000-square-foot wholesaling and logistics facility in Alabama in early first quarter Fiscal 2014.Investor Conference Call and Simulcast Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on Friday, November 16, 2012, to discuss third quarter Fiscal 2013 results. The number to call for the live interactive teleconference is (212) 231-2934. A replay of the conference call will be available until November 23, 2012, by dialing (402) 977-9140 and entering the passcode, 21576995. The Company will also provide an online Web simulcast and rebroadcast of its third quarter Fiscal 2013 conference call. The live broadcast of Hibbett's quarterly conference call will be available online at www.hibbett.com under Investor Relations, www.streetevents.com and www.earnings.com, on November 16, 2012, beginning at 10:00 a.m. ET. The online replay will follow shortly after the call and continue through November 23, 2012. Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized markets, predominately in the South, Mid-Atlantic and the lower Midwest regions of the United States. The Company’s primary store format is Hibbett Sports, a 5,000-square-foot store located in strip centers and enclosed malls.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts