Hibbett Sports, Inc. reported earnings rose 27.0 percent in the fourth quarter ended Jan. 28, to $15.8 million, or 59 cents a share, from $12.5 million, or 44 cents, a year ago. Revenues increased 10.1 percent to $190.7 million compared with $173.2 million. Comparable store sales increased 7.2 percent.

Net sales for the 52-week fiscal year ended January 28, 2012, increased 10.2 percent to $732.6 million compared with $665.0 million for the 52-week period ended January 29, 2011. Comparable store sales increased 6.8 percent. Net income for Fiscal 2012, increased 27.3 percent to $59.1 million compared with $46.4 million for Fiscal 2011. Earnings per diluted share increased 34.4 percent to $2.15 compared with $1.60 for the 52-week period ended January 29, 2011.

Jeff Rosenthal, President and Chief Executive Officer, stated, “We are pleased with our continued strong performance, sustained margin expansion and exceptional cost management. Fiscal 2012 was another great year of growth, and we are off to a fast start in the first quarter of Fiscal 2013 with an even stronger sales trend. We would like to thank all of our hard working associates for their efforts in helping us deliver these results for our shareholders.”

For the quarter, Hibbett opened 21 new stores, expanded 2 high performing stores and closed 4 underperforming stores, bringing the store base to 832 in 26 states as of January 28, 2012. For Fiscal 2012, the company opened 52 new stores, expanded 15 high performing stores and closed 18 underperforming stores.

Liquidity and Stock Repurchases

Hibbett ended Fiscal 2012 with $55.1 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 fourth quarter, the company repurchased 225,170 shares of common stock for a total expenditure of $10.1 million. Approximately $144.7 million of the current $250.0 million authorization remains for future stock repurchases.

Fiscal 2013 Outlook

The company anticipates its earnings for the 53-week period ending February 2, 2013, to be within a range of $2.35 to $2.55 per diluted share (which includes an expected contribution of 7 cents to 9 cents per diluted share from the 53rd week) and comparable store sales to increase in the low to mid single digit range. For Fiscal 2013, the company expects to open 55 to 60 new stores, expand approximately 15 high performing stores and close up to 18 stores.

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 28,
January 29,
January 28,
January 29,



2012
2011
2012
2011

Net sales

$
190,681

$
173,209

$
732,645

$
664,954

Cost of goods sold, distribution center and store occupancy costs

 
122,521

 
112,749

 
470,237

 
434,552


Gross profit


68,160


60,460


262,408


230,402

Store operating, selling and administrative expenses


39,817


37,773


155,672


143,232

Depreciation and amortization

 
3,291

 
3,385

 
13,205

 
13,623


Operating income


25,052


19,302


93,531


73,547

Interest expense, net

 
50

 
41

 
217

 
105


Income before provision for income taxes


25,002


19,261


93,314


73,442

Provision for income taxes

 
9,178

 
6,804

 
34,254

 
27,042


Net income

$
15,824

$
12,457

$
59,060

$
46,400










 

Net income per common share:









Basic earnings per share

$
0.60

$
0.45

$
2.19

$
1.63


Diluted earnings per share

$
0.59

$
0.44

$
2.15

$
1.60










 

Weighted average shares outstanding:









Basic

 
26,452

 
27,958

 
26,978

 
28,426


Diluted

 
26,983

 
28,578

 
27,506

 
29,033