Hibbett Sports, Inc. reported net sales for the 13-week period ended Aug. 2, 2008, increased 13.9% to $130.3 million compared with $114.4 million for the same period a year earlier.


Comparable store sales increased 5.0%. Net income for the second quarter of fiscal 2009 was $4.8 million compared with $4.7 million for the prior-year period. Earnings per diluted share was 17 cents compared with 15 cents in the prior-year period.

Net sales for the 26-week period ended Aug. 2, 2008, increased 11.2% to $276.1 million compared with $248.2 million for the 26-week period ended Aug. 4, 2007. Comparable store sales increased 2.4%. Net income for the 26-week period was $14.2 million compared with $14.9 million in the prior-year period. Earnings per diluted share were 49 cents compared with 47 cents in the prior year.


“Considering the current retail environment, we are pleased with our results for the quarter,” said Mickey Newsome, chairman and CEO. “Performance footwear and apparel were key to our sales growth. While we are aware that the economic stimulus package aided our results in the second quarter, we also believe that our systems investments from a year ago are beginning to positively impact our sales. Increased visibility to sales trends and stock positions from these investments is allowing our store and office teams to improve execution and have helped us to maintain positive mid-single-digit comparable store sales thus far in August.”


For the quarter, Hibbett opened 14 new stores and closed 1 store, bringing the store base to 712 in 23 states as of Aug. 2, 2008. On July 26, the company reached a milestone with the opening of its 700th store in Bessemer, AL. For fiscal 2009, the company plans to open 80 to 90 new stores and close 10 to 12 stores.


Fiscal 2009 Outlook


The Company increased its earnings outlook for the fiscal year ended Jan. 31, 2009 to a range of 93 cents to $1.03 per diluted share, based on comparable store sales ranging from flat to up 2% for the second half of fiscal 2009.










































































































































































































































































Thirteen Weeks Ended   Twenty-Six Weeks Ended
August 2,   August 4, August 2,   August 4,

 

2008 2007 2008 2007
Net sales $ 130,289 $ 114,404 $ 276,114 $ 248,245

Cost of goods sold, distribution center and store occupancy costs

  88,023     76,928   186,036     165,716
Gross profit 42,266 37,476 90,078 82,529
Store operating, selling and administrative expenses
30,869 26,583 59,968 52,614
Depreciation and amortization   3,586     3,096   6,865     6,015
Operating income 7,811 7,797 23,245 23,900
Interest (expense) income, net   (248)     16   (371)     409
Income before provision for income taxes 7,563 7,813 22,874 24,309
Provision for income taxes   2,771     3,132   8,711     9,400
Net income $ 4,792   $ 4,681 $ 14,163   $ 14,909
 
Net income per common share:
Basic earnings per share $ 0.17   $ 0.15 $ 0.50   $ 0.47
Diluted earnings per share $ 0.17   $ 0.15 $ 0.49   $ 0.47