Hibbett Q1 Net Income Jumps 24.6% as Comps Rise 4.5%

Hibbett Sporting Goods, Inc. announced that net sales for the 13-week period ended May 3, 2003 increased 12.4% to $79.6 million compared with $70.8 million for the 13-week period ended May 4, 2002. Comparable store sales increased 4.5% in the first quarter of fiscal 2004.

Net income for the first quarter increased 24.6% to $5.3 million compared with $4.2 million in the first quarter of last year. Earnings per diluted share increased 24.4% to $0.51 from $0.41 in the prior year.

Hibbett opened eight new stores and closed three stores during the first quarter, bringing the store base to 376 stores, and plans to open a total of approximately 60 new stores, net of store closings, in fiscal year 2004.

The Company also issued guidance for the second quarter ended August 2, 2003 of earnings per diluted share of approximately $0.29 to $0.31. Guidance for fiscal 2004 earnings is estimated at approximately $1.64 to $1.66 per diluted share.

Commenting on the results, Mickey Newsome, President and Chief Executive Officer, stated, “Continued momentum in our footwear category and strong sales in licensed apparel led to the better than expected sales and earnings results. Given the softness in the economy, we are pleased to continue to deliver on our sales and earnings goals for the year. We believe these results are the product of targeted merchandising, contributions from both new and existing stores, company-wide dedication to low-cost operations and a small-market focus.”

             HIBBETT SPORTING GOODS, INC. AND SUBSIDIARIES
                  Unaudited Statements of Operations
           (Dollars in thousands, except per share amounts)

                                                  First Quarter Ended
                                                  -------------------
                                                   May 3,     May 4,
                                                    2003       2002
                                                  --------   --------
Net sales                                          $79,593    $70,790
Cost of goods sold, including warehouse,
 distribution, and store occupancy costs            54,634     48,792
                                                  --------   --------
  Gross profit                                      24,959     21,998
Store operating, selling, and administrative
 expenses                                           14,952     13,622
Depreciation and amortization                        1,754      1,671
                                                  --------   --------
  Operating income                                   8,253      6,705
Interest (income) expense, net                         (23)        64
                                                  --------   --------
  Income before provision for income taxes           8,276      6,641
Provision for income taxes                           3,021      2,424
                                                  --------   --------
  Net income                                        $5,255     $4,217