Hibbett Sports, Inc. reported net sales for the 13-week period ended April 28 increased 14.4 percent to $232.9 million compared with $203.7 million for the 13-week period ended April 30, 2011. Comparable store sales increased 11.1 percent.
“The fast pace of sales and momentum we discussed exiting Fiscal 2012 continued throughout our first quarter,” said Jeff Rosenthal, president and CEO. “We experienced across-the-board strength in all categories, which, when combined with continued cost management and margin improvement, provides further confidence in raising our outlook for Fiscal 2013. We are proud of the commitment toward excellence that our Hibbett associates demonstrate.”
For the quarter, Hibbett opened seven new stores, expanded two high performing stores and closed four underperforming stores, bringing the store base to 835 in 26 states as of April 28, 2012.
Liquidity and Stock Repurchases
Hibbett ended first quarter of Fiscal 2013 with $95.8 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 316,960 shares of common stock for a total expenditure of $16.8 million. Approximately $131.1 million of the current $250.0 million authorization remains for future stock repurchases.
Fiscal 2013 Outlook
The company increased its earnings guidance for Fiscal 2013 to a range of $2.50 to $2.65 per diluted share (which includes an expected contribution of 7 cents to 9 cents per diluted share from the 53rd week) and an increase in comparable store sales in the 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 | |||||||||
April 28, | April 30, | ||||||||
2012 | 2011 | ||||||||
Net sales | $ | 232,914 | $ | 203,656 | |||||
Cost of goods sold, distribution center and store occupancy costs | 144,486 | 127,863 | |||||||
Gross profit | 88,428 | 75,793 | |||||||
Store operating, selling and administrative expenses | 42,803 | 38,373 | |||||||
Depreciation and amortization | 3,226 | 3,279 | |||||||
Operating income | 42,399 | 34,141 | |||||||
Interest expense, net | 48 | 56 | |||||||
Income before provision for income taxes | 42,351 | 34,085 | |||||||
Provision for income taxes | 15,988 | 12,748 | |||||||
Net income | $ | 26,363 | $ | 21,337 | |||||
Net income per common share: | |||||||||
Basic earnings per share | $ | 1.00 | $ | 0.78 | |||||
Diluted earnings per share | $ | 0.98 | $ | 0.76 | |||||