Hibbett Sports, Inc. reported net sales increased 3.0 percent to $240.0 million for the first quarter ended May 4, compared with $232.9 million for the 13-week period ended April 28, 2012. Comparable store sales increased 0.8 percent on a calendar basis (comparable 13-week period), compared with 11.1 percent in the year earlier quarter.
Gross profit reached 37.9 percent of net sales during the quarter , compared with 38.0 percent for the quarter ended April 28, 2012. Product margin increased 8 basis points as a percentage of net sales, while store occupancy and warehouse expenses increased 18 basis points as a percentage of net sales.
Hibbett ended the first quarter of Fiscal 2014 with $103.2 million of available cash and cash equivalents on the consolidated balance sheet, no bank debt outstanding and full availability under its $80.0 million unsecured credit facilities.
Fiscal 2014 outlook
The company is maintaining its guidance for the 52 weeks ending Feb. 1, 2014 and expects to report diluted earnings per share in the range of $2.85 to $3.05 as well as an increase in comparable store sales (calendar basis) in the low to mid-single digit range. For Fiscal 2014, the company expects to open 70 to 75 new stores, expand approximately 18 high performing stores and close 15 to 20 stores.
Hibbett operates sporting goods stores in small to mid-sized markets, predominately in the South, Southwest, Mid-Atlantic and Midwest regions of the United States. The Companys primary store format is Hibbett Sports, a 5,000-square-foot store located in strip centers and enclosed malls.
HIBBETT SPORTS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
|Thirteen Weeks Ended|
|May 4, 2013||April 28, 2012|
|Cost of goods sold, distribution center and store occupancy costs||149,116||144,486|
|Store operating, selling and administrative expenses||45,113||42,803|
|Depreciation and amortization||3,325||3,226|
|Interest expense, net||45||48|
|Income before provision for income taxes||42,394||42,351|
|Provision for income taxes||16,180||15,988|
|Net income per common share:|
|Basic earnings per share||$||1.01||$||1.00|
|Diluted earnings per share||$||1.00||$||0.98|