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.

 

 

Store operating, selling and administrative expenses were 18.8 percent of net sales for the quarter, compared with 18.4 percent of net sales for the 13-week period ended April 28, 2012.

 

 

Net income for the quarter was $26.2 million compared with $26.4 million for the 13-week period ended April 28, 2012. Earnings per diluted share increased 2.0 percent to $1.00 for the 13-week period ended May 4, 2013, compared with $0.98 for the 13-week period ended April 28, 2012.

 

 

For the quarter, Hibbett opened 9 new stores, expanded 5 high performing stores and closed 3 underperforming stores, bringing the store base to 879 in 29 states as of May 4, 2013. For the quarter ended April 28, 2012, Hibbett opened 7 new stores, expanded 2 high performing stores and closed 4 underperforming stores.

 

The colder weather clearly affected the performance of some key spring assortments, especially against last years strong sales performance, said Jeff Rosenthal, president and CEO. Looking forward, we are well positioned for the summer and back-to-school sales periods given our improved aged inventory position, product assortments and excellent customer service. This, coupled with accelerated store growth, gives us confidence in maintaining our full-year guidance as well as increasing our new store opening goal.

 

 

Liquidity and stock repurchases

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.


 

During the first quarter, the company repurchased 99,430 shares of common stock for a total expenditure of $5.4 million. Approximately $244.2 million of the total authorization remained for future stock repurchases as of May 4, 2013.

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
Net sales $ 239,993 $ 232,914
Cost of goods sold, distribution center and store occupancy costs 149,116 144,486
Gross profit 90,877 88,428
Store operating, selling and administrative expenses 45,113 42,803
Depreciation and amortization 3,325 3,226
Operating income 42,439 42,399
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 $ 26,214 $ 26,363
Net income per common share:
Basic earnings per share $ 1.01 $ 1.00
Diluted earnings per share $ 1.00 $ 0.98