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Hibbett Reports Fourth Quarter And Fiscal 2013 Results

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

  • Achieves 13th Consecutive Quarter of Comparable Store Sales Increase
  • Fourth Quarter Earnings Per Diluted Share Increases 24%
  • Fiscal Year Earnings Per Diluted Share Increases 27%
  • Issues Fiscal 2014 Guidance

Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the fourth quarter and fiscal year ended February 2, 2013.

Fourth Quarter Results

Net sales for the 14-week period ended February 2, 2013, increased 14.0% to $217.4 million compared with $190.7 million for the 13-week period ended January 28, 2012. Comparable store sales increased 4.9% on a 13-week to 13-week period.

Gross profit improved to 36.1% of net sales for the 14-week period ended February 2, 2013, compared with 35.8% for the 13-week period ended January 28, 2012.

Store operating, selling and administrative expenses improved to 20.3% of net sales for the 14-week period ended February 2, 2013, compared with 20.9% of net sales for the 13-week period ended January 28, 2012.

Net income for the 14-week period ended February 2, 2013, increased 22.3% to $19.4 million compared with $15.8 million for the 13-week period ended January 28, 2012. Earnings per diluted share increased 23.7% to $0.73 for the 14-week period ended February 2, 2013 compared with $0.59 for the 13-week period ended January 28, 2012. The 14 th week added approximately $0.07 in diluted earnings per share to our quarterly and annual results.

For the quarter, Hibbett opened 27 new stores, expanded 4 high performing stores and closed 2 underperforming stores, bringing the store base to 873 in 29 states as of February 2, 2013.

Fiscal 2013 Results

Net sales for the 53-week period ended February 2, 2013, increased 11.8% to $818.7 million compared with $732.6 million for the 52-week period ended January 28, 2012. Comparable store sales increased 6.9% on a 52-week to 52-week period.

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