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Hibbett Reports Third 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 effects 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 Reports on Form 10-Q filed on June 1, 2012 and September 4, 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   Thirty-Nine Weeks Ended
October 27,   October 29, October 27,   October 29,
2012 2011 2012 2011
Net sales $ 202,934 $ 185,180 $ 601,293 $ 541,963

Cost of goods sold, distribution center and store occupancy costs

  127,494   117,361   380,900   347,714
Gross profit 75,440 67,819 220,393 194,249

Store operating, selling and administrative expenses

41,933 39,514 125,705 115,855
Depreciation and amortization   3,207   3,334   9,613   9,914
Operating income 30,300 24,971 85,075 68,480
Interest expense, net   39   51   127   168
Income before provision for income taxes 30,261 24,920 84,948 68,312
Provision for income taxes   11,296   8,961   31,725   25,076
Net income $ 18,965 $ 15,959 $ 53,223 $ 43,236
 
Net income per common share:
Basic earnings per share $ 0.73 $ 0.60 $ 2.03 $ 1.59
Diluted earnings per share $ 0.71 $ 0.59 $ 1.99 $ 1.56
 

Weighted average shares outstanding:

Basic   26,125   26,748   26,234   27,154
Diluted   26,613   27,266   26,738   27,681
 
 
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
 
    October 27,   January 28,
2012 2012

Assets

Cash and cash equivalents $ 75,288 $ 55,138
Inventories, net 207,283 195,071
Other current assets   18,160   18,564
Total current assets 300,731 268,773
Property and equipment, net 45,169 39,596
Other assets   6,418   5,327
Total assets $ 352,318 $ 313,696
 
Liabilities and Stockholders' Investment
Accounts payable $ 88,883 $ 73,735
Short-term capital leases 212 173
Accrued expenses   15,253   17,750
Total current liabilities 104,348 91,658
Non-current liabilities 18,677 18,288
Stockholders' investment   229,293   203,750

Total liabilities and stockholders' investment

$ 352,318 $ 313,696
 
 
Supplemental Information
(Unaudited)
 
    Thirteen Weeks Ended   Thirty-Nine Weeks Ended
October 27,   October 29, October 27,   October 29,
2012 2011 2012 2011

Sales Information

Total sales increase 9.6 % 10.6 % 10.9 % 10.2 %
Comparable store sales increase 6.4 % 7.0 % 7.7 % 6.6 %
 

Store Count Information

Beginning of period

837 802 832 798
New stores opened 13 16 27 32
Stores closed   (2 )     (3 )   (11 )     (15 )
End of period   848       815     848       815  
 
Stores expanded 4 5 10 10
 
Estimated square footage at end of period (in thousands) 4,860 4,669
 

Balance Sheet Information

Average inventory per store

$

244,437

$

241,967

 

Share Repurchase Program

Shares 206,729 698,880 700,132 1,671,832
Cost (in thousands) $ 11,822 $ 25,427 $ 38,843 $ 58,506
 




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