Hibbett Sports, Inc. reported sales increased 3.8% in the fourth quarter ended Jan. 29, to $173.2 million compared with $166.8 million a year ago. Comparable store sales increased 1.23%. Net
income increased 6.0% to $12.5
million, or 44 cents a share, from $11.8 million, or 40 cents, a year ago.

On Feb. 8, Hibbett cut its fourth quarter earnings guidance to a range of 42 to 44 cents a share after
finding sales slowed in the latter half of January. Hibbett had raised its guidance in November to 47 cents to 50 cents a
share after a strong early start to the holiday selling season

Net sales for the year increased 12.0% to $665.0 million compared with $593.5 million for the prior year. Comparable store sales increased 9.8%.

Net income increased 42.6% to $46.4 million compared with $32.5
million in Fiscal 2010. Earnings per diluted share increased 42.8% to $1.60
compared with $1.12 for the 52-week period ended January 30, 2010.

Jeff Rosenthal, president and chief executive officer,
stated, “While sales in January were impacted by a delay in income tax
rapid refunds, as well as a series of snowstorms causing widespread store
closings in many of our markets, we continued to benefit from the underlying strength
in our business. Fourth quarter earnings per dilutive share were ten percent
higher than Fiscal 2010 and we achieved record earnings for the year. Our sales
trends continue to be strong in the first quarter, as our performance has
improved significantly.”

For the year, Hibbett opened 45 new stores, closed 14
stores and expanded 14 high performing stores bringing the store base to 798 in
26 states as of January 29, 2011. For Fiscal 2012, the company expects to open
50 to 55 new stores, close 10 to 15 stores and expand approximately 15 high
performing stores.

Liquidity and Stock Repurchases

Hibbett ended Fiscal 2011 with $75.5 million of available
cash and cash equivalents on the consolidated balance sheet, no bank debt and
full availability under its $80.0 million unsecured credit facilities. The company
ended Fiscal 2010 with $49.7 million in cash and cash equivalents and no bank
debt.

During the fourth quarter, the company repurchased
225,400 shares of common stock for a total expenditure of $7.8 million,
bringing the total shares repurchased for Fiscal 2011 to 1,461,225 shares for a
total expenditure of $37.9 million. Approximately $212.1 million of the current
$250.0 million authorization remains for future stock repurchases as of the end
of Fiscal 2011.

Fiscal 2012 Outlook

The company issued its earnings guidance for Fiscal 2012
with a range of $1.70 to $1.90 per diluted share and an increase in comparable
store sales in the low to mid single digit range.


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 29,
January 30,
January 29,
January 30,




2011
2010
2011
2010

Net sales



$

173,209



$

166,819



$

664,954



$

593,492


Cost of goods sold, distribution center and store occupancy costs



 

112,749

 


 

109,740

 


 

434,552

 


 

397,292

 


Gross profit




60,460




57,079




230,402




196,200


Store operating, selling and administrative expenses




37,773




34,534




143,232




129,888


Depreciation and amor

About The Author

Thomas J. Ryan

Thomas J. Ryan Senior Business Editor | SGB Media tryan@sgbonline.com | 917.375.4699

Archives

Categories

Pin It on Pinterest