Hibbett Sports, Inc. Q3 sales decreased 0.02% to $129.6 million compared with $129.7 million for the same 13-week period ended October 28, 2006. Comparable store sales increased 1.2% on a comparable store, comparable week basis, while decreasing 6.6% on a fiscal basis. Net income for the third quarter was $7.8 million compared with $9.9 million in the prior-year period. Earnings per diluted share were 25 cents compared with 31 cents in the prior year.

Net sales on a fiscal basis for the 39-week period ended November 3, 2007, increased 4.7% to $377.9 million compared with $360.9 million for the 39-week period ended October 28, 2006. Comparable store sales decreased 1.2% on a comparable store, comparable week basis, while decreasing 2.5% on a fiscal basis. Net income for this period was $22.7 million compared with $25.5 million in the same period of fiscal 2007. Earnings per diluted share were 71 cents compared with 78 cents in the prior period.

Mickey Newsome, Chairman and Chief Executive Officer, stated, “Our third quarter earnings were at the high end of our forecasted range driven by comparable sales increases in apparel and footwear on a calendar basis. Our inventory is well positioned as we head into this very important holiday shopping season and the remainder of the year.”

The measurement of sales on a calendar basis in comparable stores for the same calendar weeks is based on sales during the 13 weeks and 39 weeks ended November 3, 2007, in relation to the same weeks ended November 4, 2006. Each quarter of fiscal 2008 starts one week later than the same quarter of fiscal 2007, due to the Company’s 2007 fiscal year having 53 weeks versus the normal 52 weeks. This timing shift can have a significant impact on quarterly sales comparisons.

Hibbett opened 18 new stores and closed 2 stores during the third quarter, bringing the store base to 650 in 23 states as of November 3, 2007. The Company plans to open 42 to 46 stores and close 2 stores in the fourth quarter. For fiscal 2008, the Company plans to open 86 to 90 stores and close approximately 9 stores.

Fiscal 2008 Outlook

For the fourth fiscal quarter ending February 2, 2008, the Company expects to report earnings per diluted share of 36 cents to 44 cents with low single-digit comparable store sales increase on a calendar basis and a mid-single-digit increase in comparable store sales on a fiscal basis. For fiscal 2008, the Company expects to report earnings of $1.07 to $1.15 per diluted share and a slightly positive comparable store sales increase on both a calendar and fiscal basis.

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
November 3, October 28, November 3, October 28,
2007 2006 2007 2006
Net sales $ 129,628 $ 129,658 $ 377,873 $ 360,935

Cost of goods sold, including distribution center and store
occupancy costs

87,154 86,592 252,871 241,037
Gross profit 42,474 43,066 125,002 119,898
Store operating, selling, and administrative expenses 26,898 24,757 79,512 71,584
Depreciation and amortization 3,023 2,697 9,038 8,152
Operating income 12,553 15,612 36,452 40,162
Interest income, net 88 235 498 667
Income before provision for income taxes 12,641 15,847 36,950 40,829
Provision for income taxes 4,826 5,921 14,227 15,360
Net income $ 7,815 $ 9,926 $ 22,723 $ 25,469
Net income per common share:
Basic earnings per share $ 0.25 $ 0.31 $ 0.73 $ 0.79
Diluted earnings per share $ 0.25 $ 0.31 $ 0.71 $ 0.78
Weighted average shares outstanding:
Basic 31,075 31,982 31,312 32,222
Diluted 31,554 32,440 31,823 32,742