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 March 12, 2009

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.

The Company released its results of operations for the thirteen-week and fifty-two week periods ended January 31, 2009, in a press release issued on March 12, 2009.

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.

(b) Pro Forma Financial Information.

Exhibit 99.1 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 March 12, 2009

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

March 12, 2009

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release Dated March 12, 2009

EX-99.1

EXHIBIT 99.1

Contact:                 Gary Smith

Vice President &

Chief Financial Officer

(205) 942-4292

HIBBETT REPORTS FISCAL 2009 RESULTS

·     Improved Liquidity and Debt Free Balance Sheet

·     Forecasts Earnings Growth for Fiscal 2010

BIRMINGHAM, Ala. (March 12, 2009) – Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the fourth quarter and fiscal year ended January 31, 2009.

Financial Highlights

Net sales for the 13-week period ended January 31, 2009, increased 3.6% to $147.9 million compared with $142.8 million for the 13-week period ended February 2, 2008.  Comparable store sales decreased 2.8% in the fourth quarter of Fiscal 2009. Net income for the fourth quarter of Fiscal 2009 was $7.6 million compared with $7.6 million for the prior-year period.  Earnings per diluted share were $0.26 compared with $0.25 in the prior-year period.

Net sales for the 52-week fiscal year ended January 31, 2009, increased 8.4% to $564.2 million compared with $520.7 million for the 52-week fiscal year ended February 2, 2008. Comparable store sales increased 0.5% in Fiscal 2009. Net income in Fiscal 2009, was $29.4 million compared with $30.3 million in Fiscal 2008. Earnings per diluted share for Fiscal 2009 were $1.02 compared with $0.96 in Fiscal 2008.

Mickey Newsome, Chairman and Chief Executive Officer, stated, "Considering the extremely challenging retail environment, we are pleased with our performance.  We finished the fiscal year with positive comparable store sales, improved inventory position and improved gross profit.  We also delivered a six percent growth in diluted earnings per share and a very strong balance sheet with no debt and more than $20 million in cash and cash equivalents.  In uncertain times such as these, Hibbett Sports benefits from our low cost operating culture, excellent relationship with our vendors, small market focus and continued investments in systems."

For the quarter, Hibbett opened 21 new stores and closed 2 stores.  For the year, Hibbett opened 69 new stores and closed 12 stores, bringing the store base to 745 in 24 states as of January 31, 2009.  For Fiscal 2010, the Company plans to open 65 to 70 new stores and close 20 to 25 stores.

Liquidity

Hibbett ended the fiscal year with $20.7 million of available cash and cash equivalents on the consolidated balance sheet, no debt and full availability under its $80 million unsecured credit facilities, which expire in August and December 2009. The Company expects to remain debt free in Fiscal 2010 with all of its capital expenditure needs covered by cash flows from operations.

Fiscal 2010 Outlook

For the fiscal year ending January 30, 2010, the Company expects to report a range of $1.03 to $1.17 per diluted share for earnings with comparable store sales in the low single digits.

-MORE-

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on Friday, March 13, 2009, to discuss fourth quarter results.  The number to call for the live interactive teleconference is (303) 205-0033.  A replay of the conference call will be available until March 20, 2009, by dialing (303) 590-3000 and entering the passcode, 11123996#.

The Company will also provide an online Web simulcast and rebroadcast of its Fiscal 2009 fourth 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 March 13, 2009, beginning at 10:00 a.m. ET.  The online replay will follow shortly after the call and continue through March 20, 2009.

Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized markets, predominately in the Southeast, Southwest, 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 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 store opening plans, liquidity and earnings and sales expectations for Fiscal 2010.  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 April 2, 2008, and our Quarterly Reports on Form 10-Q filed on June 11, September 9, and December 8, 2008.  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						Fifty-Two Weeks Ended
	January 31,			February 2,			January 31,			February 2,
	2009			2008			2009			2008
Net sales	$	147,926		$	142,847		$	564,188		$	520,720
Cost of goods sold, distribution center
and store occupancy costs		99,325			99,006			378,817			351,876
Gross profit		48,601			43,841			185,371			168,844
Store operating, selling and administrative
expenses		32,034			28,950			123,075			108,463
Depreciation and amortization		3,872			3,116			14,324			12,154
Operating income		12,695			11,775			47,972			48,227
Interest (expense) income, net		(95	)		(66	)		(619	)		431
Income before provision for income taxes		12,600			11,709			47,353			48,658
Provision for income taxes		4,967			4,103			17,905			18,329
Net income	$	7,633		$	7,606		$	29,448		$	30,329
Net income per common share:
Basic earnings per share	$	0.27		$	0.26		$	1.03		$	0.98
Diluted earnings per share	$	0.26		$	0.25		$	1.02		$	0.96
Weighted average shares outstanding:
Basic		28,535			30,260			28,547			31,049
Diluted		28,865			30,633			28,954			31,525

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

	January 31,		February 2,
	2009		2008
Assets
Cash and cash equivalents	$	20,650	$	10,742
Short-term investments		191		191
Accounts receivable, net		5,388		5,575
Inventories, net		151,776		141,406
Prepaid expenses and other		7,760		8,073
Total current assets		185,765		165,987
Property and equipment, net		45,309		46,505
Other assets		4,013		4,242
Total assets	$	235,087	$	216,734
Liabilities and Stockholders' Investment
Accounts payable	$	64,460	$	64,125
Accrued expenses		14,250		12,479
Total current liabilities		78,710		76,604
Non-current liabilities		19,802		21,075
Stockholders' investment		136,575		119,055
Total liabilities and stockholders' investment	$	235,087	$	216,734

END OF EXHIBIT 99.1