Hibbett Fiscal Year Net Income Jumps 27.5% on 3.9% Comp Gain

Hibbett Sporting Goods, Inc. announced results for the fourth quarter and year ended February 1, 2003.

Net sales for the 13-week period ended February 1, 2003, increased 12.0% to $75.5 million compared with $67.4 million for the 13-week period ended February 2, 2002. Comparable store sales increased 2.4% in the fourth quarter of fiscal 2003. Net income for the fourth quarter increased 28.8% to $4.6 million compared with $3.6 million in the fourth quarter of last year. Earnings per diluted share increased 28.6% to $0.45 from $0.35 in the prior year. Excluding a gain on the sale of a leasehold interest during the fourth quarter, the Company reported earnings per diluted share of $0.42, a 20.0% increase over the prior-year period.

Net sales for the 52-week period ended February 1, 2003, increased 15.8% to $279.2 million compared with $241.1 million for the 52-week period ended February 2, 2002. Comparable store sales increased 3.9% in fiscal 2003. Net income for fiscal 2003 increased 27.5% to $14.7 million compared with $11.6 million in fiscal 2002. Earnings per diluted share increased 25.2% to $1.44 from $1.15 in the prior year. Excluding the gain on sale in the fourth quarter, the Company reported earnings per diluted share for the year of $1.41, a 22.6% increase over the prior year.

Hibbett opened 16 new stores and closed one store during the fourth quarter, bringing the store base to 371 stores, and plans to increase net store count by 60 stores in fiscal 2004.

The Company also issued guidance for the first quarter ended May 3, 2003, of earnings per diluted share of approximately $0.48 – $0.50. Guidance for fiscal 2004 earnings is estimated at approximately $1.63 – $1.65 per diluted share.

Commenting on the results, Mickey Newsome, President and Chief Executive Officer, stated, “As we head into the important spring selling season, we are encouraged by the continued strength in footwear and apparel. Due to our small market strategy and consistent sales growth, we have become more important to our vendors and are getting additional shipments of allocated merchandise. This enables us to enhance our importance to the end consumer. In summary, we are pleased to report another record year for Hibbett.”

             HIBBETT SPORTING GOODS, INC. AND SUBSIDIARIES
                  UNAUDITED STATEMENTS OF OPERATIONS
           (Dollars In Thousands, Except Per Share Amounts)

                             Feb. 1,    Feb. 2,    Feb. 1,    Feb. 2,
                              2003       2002       2003       2002
                            --------   --------   --------   --------
                           (13 Weeks) (13 Weeks) (52 Weeks) (52 Weeks)

Net sales                    $75,473    $67,415   $279,187   $241,130
Cost of goods sold,
 including warehouse,
 distribution, and store
 occupancy costs              52,369     46,367    193,383    167,402
                            --------   --------   --------   --------
  Gross profit                23,104     21,048     85,804     73,728
Store operating, selling,
 and administrative expenses  14,076     13,800     55,529     48,891
Depreciation and
 amortization                  1,753      1,548      6,866      5,873
                            --------   --------   --------   --------
  Operating income             7,275      5,700     23,409     18,964
Interest expense, net             42        141        214        625
                            --------   --------   --------   --------
  Income before provision
   for income taxes            7,233      5,559     23,195     18,339
Provision for income taxes     2,640      1,993      8,466      6,786
                            --------   --------   --------   --------
  Net income                  $4,593     $3,566    $14,729    $11,553