8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 24, 2007

Hibbett Sports, Inc.

(Exact Name Of Registrant As Specified In Its Charter)

Delaware	000-20969	20-8159608
(State of Incorporation)	(Commission	(IRS Employer
	File Number)	Identification No.)

451 Industrial Lane

Birmingham, Alabama 35211

(Address of principal executive offices)

(205) 942-4292

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

Hibbett Sports, Inc. released its results of operations for the thirteen-week period ended May 5, 2007, in a press release issued on May 24, 2007.

The information in this Item, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

Item 7.01. Regulation FD Disclosures.

The information contained in Item 2.02 (including disclaimer) is incorporated by reference into this item 7.01.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

This exhibit is furnished pursuant to Item 2.02 and Item 7.01, respectively and shall not be deemed to be “filed”.

Exhibit No.	Description
99.1	Press Release Dated May 24, 2007

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HIBBETT SPORTS, INC.
By:	/s/ Gary A. Smith
	Gary A. Smith
	Vice President and Chief Financial Officer

May 24, 2007

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release Dated May 24, 2007

EX-99

EXHIBIT 99.1

Contact:	Gary Smith
	Vice-President &
	Chief Financial Officer
	(205) 942-4292

HIBBETT REPORTS FISCAL FIRST QUARTER 2008 RESULTS

BIRMINGHAM, Ala. (May 24, 2007) – Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the first quarter ended May 5, 2007.

Financial Highlights

Net sales for the 13-week period ended May 5, 2007 increased 5.5% to $133.8 million compared with $126.9 million for the 13-week period ended April 29, 2006. Comparable store sales increased 0.7% on a comparable store, comparable week basis. Net income for the first quarter was $10.2 million compared with $11.5 million in the prior-year period. Earnings per diluted share was $0.32 compared with $0.35 in the prior year.

Each quarter of fiscal 2008 starts one week later than the same quarter of fiscal 2007, due to the Company’s 2007 fiscal year having 53 weeks versus the normal 52 weeks. This timing shift can have a significant impact on quarterly sales comparisons. The measurement of sales in comparable stores for comparable weeks above is based on sales during the thirteen weeks ended May 5, 2007 in relation to the thirteen weeks ended May 6, 2006. On a fiscal quarter basis, comparing the thirteen weeks ended May 5, 2007 with the thirteen weeks ended April 29, 2006, comparable store sales decreased 2.6%.

Hibbett opened 9 new stores and closed 2 stores during the first quarter, bringing the store base to 620 in 23 states as of May 5, 2007. The Company plans to open 15 to 18 stores and close 2 to 3 stores in the second quarter. The Company plans to open 90 to 95 stores and close 5 to 10 stores in fiscal 2008.

Mickey Newsome, Chairman and Chief Executive Officer, stated, "As expected, the shift of the first week in February from the first quarter into last year’s fourth quarter negatively impacted our overall sales and our comparable store sales on a fiscal basis. Through the first nine weeks of the quarter, the Company was slightly above its earnings per share forecast. A very difficult retail environment in the month of April prevented us from maintaining that earnings pace and led to earnings at the lower end of our guidance for the first quarter of fiscal 2008. Positive sales results in technical apparel, youth products and team sports equipment offset some softness experienced in our urban enclosed mall stores."

Fiscal 2008 Outlook

For the second quarter ending August 4, 2007, the Company expects to report earnings per diluted share of $0.20 to $0.24 with a comparable store sales increase in the high single digits. The Company maintained its EPS guidance for the 52-week period ending February 2, 2008 of $1.30 to $1.35 per diluted share.

Stock Repurchase

During the first quarter, the Company repurchased 338,000 shares of common stock for a total expenditure of $9.9 million, bringing the total shares repurchased since the inception of the program in August 2004 to 4.6 million shares for a total expenditure of $107.2 million. After considering past stock repurchases, $42.8 million of the total authorization remained for future stock repurchases at the end of the first quarter of fiscal 2008.

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on May 25, 2007, to discuss the first quarter results. The number to call for this interactive teleconference is (913) 981-4905. A replay of the conference call will be available until June 1, 2007, by dialing (719) 457-0820 and entering the passcode, 1448409.

The Company will also provide an online Web simulcast and rebroadcast of its fiscal 2007-first quarter conference call. The live broadcast of Hibbett's quarterly conference call will be available online at www.streetevents.com and www.earnings.com on May 25, 2007, beginning at 10:00 a.m. ET. The online replay will follow shortly after the call and continue through June 1, 2007.

Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized markets, predominately in the Sunbelt, Mid-Atlantic and Midwest. The Company’s primary store format is Hibbett Sports, a 5,000-square-foot store located in dominant 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 company growth, store opening and closing plans, sales (including comparable store sales), sale shifts and earnings expectations. 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 complete description of these factors, as well as others which could affect our business, you should carefully review the "Risk Factors," "Business," and "MD&A" sections in our Annual Report on Form 10-K filed on April 4, 2007 and our most recent prospectus supplement filed May 2, 2003. 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)

		First Quarter Ended
		May 5,		April 29,
		2007		2006
Net sales		$	133,842	$	126,914
Cost of goods sold, including distribution center
	and store occupancy costs		88,789		82,774
	Gross profit		45,053		44,140
Store operating, selling and administrative expenses			26,031		23,310
Depreciation and amortization			2,920		2,705
	Operating income		16,102		18,125
Interest income, net			393		321
	Income before provision for income taxes		16,495		18,446
Provision for income taxes			6,268		6,923
	Net income	$	10,227	$	11,523
Net income per common share:
	Basic earnings per share	$	0.32	$	0.35
	Diluted earnings per share		0.32	$	0.35
Weighted average shares outstanding:
	Basic		31,671		32,478
	Diluted		32,219		33,131

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

		May 5,		April 29,		February 3,
		2007		2006		2007
Assets
Cash and cash equivalents		$	18,704	$	15,335	$	30,367
Short-term investments			292		11,427		--
Accounts receivable, net			3,963		5,209		4,651
Inventories, net			133,371		116,142		125,240
Prepaid expenses and other			6,953		6,072		6,631
	Total current assets		163,283		154,185		166,889
Property and equipment, net			42,104		37,860		42,573
Other assets			1,105		3,246		3,391
	Total assets	$	206,492	$	195,291	$	212,853
Liabilities and Stockholders’ Investment
Accounts payable		$	36,578	$	39,954	$	42,016
Accrued expenses			15,299		14,374		18,445
	Total current liabilities		51,877		54,328		60,461
Non-current liabilities			15,574		14,845		15,751
Stockholders’ investment			139,041		126,118		136,641
	Total liabilities and stockholders’ investment	$	206,492	$	195,291	$	212,853

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