Delaware
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000-20969
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20-8159608
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(State of Incorporation)
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(Commission
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(IRS Employer
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File Number)
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Identification No.)
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Exhibit No.
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Description
|
99.1
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Press Release dated March 11, 2011
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HIBBETT SPORTS, INC.
|
||
By:
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/s/ Gary A. Smith
|
|
Gary A. Smith
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||
Senior Vice President and Chief Financial Officer
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Exhibit No.
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Description
|
99.1
|
Press Release dated March 11, 2011
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·
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EPS Up 43% for Fiscal 2011
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·
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Strong First Quarter Sales Trend
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HIBBETT SPORTS, INC. AND SUBSIDIARIES
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||||||||
Unaudited Condensed Consolidated Statements of Operations
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||||||||
(Dollars in thousands, except per share amounts)
|
||||||||
Thirteen Weeks Ended
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Fifty-Two Weeks Ended
|
|||||||
January 29,
|
January 30,
|
January 29,
|
January 30,
|
|||||
2011
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2010
|
2011
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2010
|
|||||
Net sales
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$ 173,209
|
$ 166,819
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$ 664,954
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$ 593,492
|
||||
Cost of goods sold, distribution center
|
||||||||
and store occupancy costs
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112,749
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109,740
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434,552
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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 amortization
|
3,385
|
3,579
|
13,623
|
13,905
|
||||
Operating income
|
19,302
|
18,966
|
73,547
|
52,407
|
||||
Interest expense, net
|
(41)
|
(21)
|
(105)
|
(57)
|
||||
Income before provision for income taxes
|
19,261
|
18,945
|
73,442
|
52,350
|
||||
Provision for income taxes
|
6,804
|
7,193
|
27,042
|
19,801
|
||||
Net income
|
$ 12,457
|
$ 11,752
|
$ 46,400
|
$ 32,549
|
||||
Net income per common share:
|
||||||||
Basic earnings per share
|
$ 0.45
|
$ 0.41
|
$ 1.63
|
$ 1.14
|
||||
Diluted earnings per share
|
$ 0.44
|
$ 0.40
|
$ 1.60
|
$ 1.12
|
||||
Weighted average shares outstanding:
|
||||||||
Basic
|
27,958
|
28,669
|
28,426
|
28,629
|
||||
Diluted
|
28,578
|
29,221
|
29,033
|
29,089
|
Unaudited Condensed Consolidated Balance Sheets
|
||||||
(In thousands)
|
||||||
January 29,
|
January 30,
|
|||||
2011
|
2010
|
|||||
Assets
|
||||||
Cash and cash equivalents
|
$ 75,517
|
$ 49,691
|
||||
Accounts receivable, net
|
5,385
|
4,629
|
||||
Inventories, net
|
174,878
|
169,394
|
||||
Prepaid expenses and other
|
13,561
|
7,806
|
||||
Total current assets
|
269,341
|
231,520
|
||||
Property and equipment, net
|
40,056
|
41,084
|
||||
Other assets
|
4,868
|
4,100
|
||||
Total assets
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$ 314,265
|
$ 276,704
|
||||
Liabilities and Stockholders' Investment
|
||||||
Accounts payable
|
$ 75,986
|
$ 64,949
|
||||
Short-term capital leases
|
312
|
117
|
||||
Accrued expenses
|
18,036
|
18,871
|
||||
Total current liabilities
|
94,334
|
83,937
|
||||
Non-current liabilities
|
19,843
|
17,688
|
||||
Stockholders' investment
|
200,088
|
175,079
|
||||
Total liabilities and stockholders' investment
|
$ 314,265
|
$ 276,704
|
||||
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