Hibbett Sports, Inc. (NASDAQ/GS: HIBB):
- Achieves 11th Consecutive Quarter of
Comparable Store Sales Increase
- EPS Increases 43%
- Raises Fiscal 2013 Guidance
Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods
retailer, today announced results for the second quarter ended July
28, 2012.
Financial Highlights
Net sales for the 13-week period ended July 28, 2012,
increased 8.0% to $165.4 million compared with $153.1 million for
the 13-week period ended July 30, 2011. Comparable store sales
increased 4.8%. Net income for the 13-week period ended July 28,
2012, increased 32.9% to $7.9 million compared with $5.9 million
for the 13-week period ended July 30, 2011. Earnings per diluted
share increased 42.9% to $0.30 compared with $0.21 for the 13-week
period ended July 30, 2011.
Net sales for the 26-week period ended July 28, 2012, increased
11.7% to $398.4 million compared with $356.8 million for the
26-week period ended July 30, 2011. Comparable store sales
increased 8.4%. Net income for the 26-week period ended July 28,
2012, increased 25.6% to $34.3 million compared with $27.3 million
for the 26-week period ended July 30, 2011. Earnings per diluted
share increased 30.6% to $1.28 compared with $0.98 for the 26-week
period ended July 30, 2011.
Jeff Rosenthal, President and Chief Executive Officer, stated,
“Our outlook for Fiscal 2013 continues to indicate solid earnings
growth driven by positive sales trends and margin improvement.
Based on our strong first half results, we are raising full year
earnings estimates. Our small market strategy of bringing premium
branded products to underserved markets continues to drive
results.”
For the quarter, Hibbett opened 7 new stores, expanded 3 high
performing stores and closed 5 underperforming stores, bringing the
store base to 837 in 26 states as of July 28, 2012.
Liquidity and Stock Repurchases
Hibbett ended second quarter of Fiscal 2013 with $71.5 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 second quarter, the Company repurchased 176,443
shares of common stock for a total expenditure of $10.2 million.
Approximately $121.5 million of the current $250.0 million
authorization remains available for future stock repurchases.
Fiscal 2013 Outlook
The Company increased its earnings guidance for Fiscal 2013 to a
range of $2.57 to $2.67 per diluted share (which includes an
expected contribution of $0.07 to $0.09 per diluted share from the
53rd week) and a mid single digit comparable store sales increase.
For Fiscal 2013, the Company expects to open 55 to 60 new stores,
expand approximately 15 high performing stores and close up to 18
underperforming stores.
Investor Conference Call and Simulcast
Hibbett Sports, Inc. will conduct a conference call at
10:00 a.m. ET on Friday, August 17, 2012, to discuss
second quarter of Fiscal 2013 results. The number to call for the
live interactive teleconference is (212) 231-2934. A replay of
the conference call will be available until August 24, 2012,
by dialing (402) 977-9140 and entering the passcode,
21576994.
The Company will also provide an online Web simulcast and
rebroadcast of its second quarter of Fiscal 2013 conference call.
The live broadcast of Hibbett's quarterly conference call will be
available online at www.hibbett.com under Investor Relations,
www.streetevents.com and www.earnings.com, on August 17, 2012,
beginning at 10:00 a.m. ET. The online replay will follow shortly
after the call and continue through August 24, 2012.
Hibbett Sports, Inc. operates sporting goods stores in small to
mid-sized markets, predominately in the South, Mid-Atlantic and the
lower Midwest regions of the United States. The Company’s primary
store format is Hibbett Sports, a 5,000-square-foot store located
in strip centers and enclosed malls.
A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters
discussed in this press release are "forward looking statements" as
that term is used in the Private Securities Litigation Reform Act
of 1995. Forward looking statements address future events,
developments or results and typically use words such as believe,
anticipate, expect, intend, plan, forecast, guidance, outlook, or
estimate. For example, our forward looking statements
include statements regarding store opening, expansion and closing
plans, liquidity, sales trends, margin trends, the effect of the
53rd week, earnings per diluted share and comparable store sales
for Fiscal 2013. Such statements are subject to risks and
uncertainties that could cause actual results to differ materially,
including economic conditions, industry trends, merchandise trends,
vendor relationships, customer demand, and competition. For a
discussion of these factors, as well as others which could affect
our business, you should carefully review our Annual Report and
other reports filed from time to time with the Securities and
Exchange Commission, including the "Risk Factors," "Business" and
"MD&A" sections in our Annual Report on Form 10-K filed on
March 26, 2012, and our Quarterly Report on Form 10-Q filed on June
1, 2012. In light of these risks and uncertainties, the future
events, developments or results described by our forward looking
statements in this document could turn out to be materially and
adversely different from those we discuss or imply. We are not
obligated to release publicly any revisions to any forward looking
statements contained in this press release to reflect events or
circumstances occurring after the date of this report and you
should not expect us to do so.
HIBBETT SPORTS, INC. AND
SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
Thirteen Weeks
Ended Twenty-Six Weeks Ended July 28, July
30, July 28, July 30, 2012 2011
2012 2011 Net sales $ 165,445 $ 153,127 $ 398,359 $
356,783
Cost of goods sold, distribution center
and store occupancy costs
108,920 102,490 253,405 230,353 Gross
profit 56,525 50,637 144,954 126,430
Store operating, selling and
administrative expenses
40,968 37,969 83,772 76,342 Depreciation and amortization
3,180 3,300 6,406 6,580 Operating income
12,377 9,368 54,776 43,508 Interest expense, net 41
60 89 116 Income before provision for income taxes
12,336 9,308 54,687 43,392 Provision for income taxes 4,441
3,368 20,429 16,115 Net income $ 7,895 $ 5,940
$ 34,258 $ 27,277 Net income per common share: Basic
earnings per share $ 0.30 $ 0.22 $ 1.30 $ 1.00 Diluted earnings per
share $ 0.30 $ 0.21 $ 1.28 $ 0.98 Weighted average shares
outstanding: Basic 26,228 27,267 26,289
27,356 Diluted 26,702 27,804 26,800
27,889
Unaudited Condensed Consolidated Balance
Sheets (In thousands)
July 28, January 28, 2012 2012
Assets Cash and cash equivalents $ 71,467 $ 55,138
Inventories, net 198,971 195,071 Other current assets 26,163
18,564 Total current assets 296,601 268,773 Property and
equipment, net 40,020 39,596 Other assets 5,710 5,327
Total assets $ 342,331 $ 313,696
Liabilities and
Stockholders' Investment Accounts payable $ 86,787 $ 73,735
Short-term capital leases 163 173 Accrued expenses 16,388
17,750 Total current liabilities 103,338 91,658 Non-current
liabilities 18,037 18,288 Stockholders' investment 220,956
203,750 Total liabilities and stockholders' investment $
342,331 $ 313,696
Hibbett (NASDAQ:HIBB)
Historical Stock Chart
From Aug 2024 to Sep 2024
Hibbett (NASDAQ:HIBB)
Historical Stock Chart
From Sep 2023 to Sep 2024