Hibbett Sports, Inc. reported sales increased 12.1% in the fourth quarter ended Jan. 30, to $166.8 million from $147.9 million a year ago. Comparable store sales increased 9.6%. Earnings jumped 54.0% to $11.8 million, or 40 cents a share, from $7.6 million, or 26 cents, a year ago.

Net sales for the 52-week fiscal year ended January 30, 2010, increased 5.2% to $593.5 million compared with $564.2 million for the 52-week period ended January 31, 2009. Comparable store sales increased 0.7%. Net income in Fiscal 2010 increased 10.5% to $32.5 million compared with $29.4 million in Fiscal 2009. Earnings per diluted share increased 10.0% to $1.12 compared with $1.02 for the 52-week period ended January 31, 2009.

Mickey Newsome, Executive Chairman, stated, “We are pleased with the strong comparable stores sales performance delivered by all merchandise categories during the quarter. Approximately one-third of this increase can be attributed to a strong demand for licensed products due to both the University of Alabama and the New Orleans Saints successful football seasons and resulting championships. We are encouraged that the positive sales trend has accelerated into the first quarter of Fiscal 2011.”

For the year, Hibbett opened 42 new stores, closed 20 stores and expanded 19 high performing stores bringing the store base to 767 in 24 states as of January 30, 2010. For Fiscal 2011, the Company expects to open approximately 30 new stores, close 10 to 15 stores and expand 20 high performing stores.

Liquidity

Hibbett ended Fiscal 2010 with $49.7 million of available cash and cash equivalents on the consolidated balance sheet, no debt and full availability under its $80 million unsecured credit facilities. The Company ended Fiscal 2009 with $20.7 million in cash and cash equivalents and no debt.

Fiscal 2011 Outlook

The company issued its earnings guidance for Fiscal 2011 with a range of $1.12 to $1.30 per diluted share and an increase in comparable store sales of 1.0% to 4.0%.

HIBBETT SPORTS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations

(Dollars in thousands, except per share amounts)









 


Thirteen Weeks Ended
Fifty-Two Weeks Ended


January 30,
January 31,
January 30,
January 31,


2010
2009
2010
2009

Net sales

$
166,819


$
147,926


$
593,492


$
564,188


Cost of goods sold, distribution center and store occupancy costs

 


109,740


 


99,325


 


397,292


 


378,817
 


Gross profit


 

57,079



48,601



196,200



185,371


Store operating, selling and administrative expenses


34,534



32,034



129,888



123,075

Depreciation and amortization

 
3,579
 

 
3,872
 

 
13,905
 

 
14,324
 


Operating income


 

18,966



12,695



52,407



47,972

Interest expense, net

 
(21
)

 
(95
)

 
(57
)

 
(619
)


Income before provision for income taxes


 

18,945



12,600



52,350



47,353

Provision for income taxes

 
7,193
 

 
4,967
 

 
19,801
 

 
17,905
 


Net income


 
$
11,752
 

$
7,633
 

$
32,549
 

$
29,448
 









 

Net income per common share:








Basic earnings per share


 
$
0.41
 

$
0.27
 

$
1.14
 

$
1.03
 


Diluted earnings per share


 
$
0.40
 

$
0.26
 

$
1.12
 

$
1.02
 









 

Weighted average shares outstanding:








Basic


 
 
28,669
 

 
28,535
 

 
28,629
 

 
28,547
 


Diluted


 
 
29,221
 

 
28,865
 

 
29,089
 

 
28,954