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Hibbett Reports Third Quarter Fiscal 2014 Results

Hibbett Sports, Inc. (NASDAQ/GS: HIBB):
  • Comparable Store Sales Increase 4.8%
  • Square Footage Increases 7.3%
  • EPS Impacted By Shift in Fiscal Calendar

Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the third quarter ended November 2, 2013.

Third Quarter Results

Net sales for the 13-week period ended November 2, 2013 increased 2.5% to $208.0 million compared with $202.9 million for the 13-week period ended October 27, 2012. Comparable store sales increased 4.8% on a calendar basis (comparable 13-week period). The 53rd week last year resulted in a calendar shift and as a result, revenue was approximately $14 million (7.1%) lower in the third quarter compared to the reported period last year.

Gross profit was 36.8% of net sales for the 13-week period ended November 2, 2013, compared with 37.2% for the 13-week period ended October 27, 2012.

Store operating, selling and administrative expenses were 21.9% of net sales for the 13-week period ended November 2, 2013, compared with 20.7% of net sales for the 13-week period ended October 27, 2012.

Net income for the 13-week period ended November 2, 2013 decreased 9.0% to $17.3 million compared with $19.0 million for the 13-week period ended October 27, 2012. Earnings per diluted share decreased 7.0% to $0.66 for the 13-week period ended November 2, 2013, compared with $0.71 for the 13-week period ended October 27, 2012. The week shift associated with the fiscal calendar resulted in an approximate $0.11 reduction in earnings per diluted share for the period ended November 2, 2013.

Fiscal Year to Date Results

Net sales for the 39-week period ended November 2, 2013 increased 5.5% to $634.2 million compared with $601.3 million for the 39-week period ended October 27, 2012. Comparable store sales increased 1.8% on a calendar basis (comparable 39-week period).

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