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
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99.1
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Press Release dated May 20, 2011
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HIBBETT SPORTS, INC.
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||
By:
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/s/ Gary A. Smith
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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
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99.1
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Press Release dated May 20, 2011
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Contact:
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Gary A. Smith
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Senior Vice President &
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||
Chief Financial Officer
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(205) 942-4292
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·
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EPS Increases 29.2%
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·
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Comparable Store Sales up 6.8% versus 14.5% a Year Ago
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·
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Operating Margin of 16.8% Exceeds Record of 15.0% a Year Ago
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·
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Increases Fiscal 2012 Guidance
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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)
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||||||||
Thirteen Weeks Ended
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||||||||
April 30,
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May 1,
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|||||||
2011
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2010
|
|||||||
Net sales
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$ | 203,656 | $ | 184,506 | ||||
Cost of goods sold, distribution center
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||||||||
and store occupancy costs
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127,863 | 118,397 | ||||||
Gross profit
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75,793 | 66,109 | ||||||
Store operating, selling and administrative
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||||||||
expenses
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38,373 | 34,941 | ||||||
Depreciation and amortization
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3,279 | 3,492 | ||||||
Operating income
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34,141 | 27,676 | ||||||
Interest expense, net
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56 | 6 | ||||||
Income before provision for income taxes
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34,085 | 27,670 | ||||||
Provision for income taxes
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12,748 | 10,329 | ||||||
Net income
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$ | 21,337 | $ | 17,341 | ||||
Net income per common share:
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||||||||
Basic
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$ | 0.78 | $ | 0.60 | ||||
Diluted
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$ | 0.76 | $ | 0.59 | ||||
Weighted average shares outstanding:
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||||||||
Basic
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27,446 | 28,749 | ||||||
Diluted
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27,973 | 29,364 |
Unaudited Condensed Consolidated Balance Sheets
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||||||||
(In thousands)
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||||||||
April 30,
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January 29,
|
|||||||
2011
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2011
|
|||||||
Assets
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||||||||
Cash and cash equivalents
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$ | 85,344 | $ | 75,517 | ||||
Accounts receivable, net
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5,529 | 5,385 | ||||||
Inventories, net
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174,729 | 174,878 | ||||||
Prepaid expenses and other
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8,239 | 13,561 | ||||||
Total current assets
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273,841 | 269,341 | ||||||
Property and equipment, net
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39,749 | 40,056 | ||||||
Other assets
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5,239 | 4,868 | ||||||
Total assets
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$ | 318,829 | $ | 314,265 | ||||
Liabilities and Stockholders' Investment
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||||||||
Accounts payable
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$ | 78,502 | $ | 75,986 | ||||
Short-term capital leases
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280 | 312 | ||||||
Accrued expenses
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19,297 | 18,036 | ||||||
Total current liabilities
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98,079 | 94,334 | ||||||
Non-current liabilities
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19,847 | 19,843 | ||||||
Stockholders' investment
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200,903 | 200,088 | ||||||
Total liabilities and stockholders' investment
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$ | 318,829 | $ | 314,265 |
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