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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