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Hibbett Sports, Inc. (NASDAQ/GS: HIBB):
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Achieves 11th Consecutive Quarter of Comparable Store Sales
Increase
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EPS Increases 43%
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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
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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
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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
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Unaudited Condensed Consolidated Balance Sheets
(In thousands)
July 28, January 28,
2012 2012
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Assets
Cash and cash equivalents $ 71,467 $ 55,138
Inventories, net 198,971 195,071
Other current assets 26,163 18,564
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Total current assets 296,601 268,773
Property and equipment, net 40,020 39,596
Other assets 5,710 5,327
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Total assets $ 342,331 $ 313,696
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Liabilities and Stockholders’ Investment
Accounts payable $ 86,787 $ 73,735
Short-term capital leases 163 173
Accrued expenses 16,388 17,750
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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
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SOURCE: Hibbett Sports, Inc.
Hibbett Sports, Inc.
Scott J. Bowman, 205-942-4292
Senior Vice President & Chief Financial Officer
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