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 18, 2012

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 period ended April 28, 2012, in a press release issued on May 18, 2012.

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.

Exhibit 99.1 is furnished pursuant to Item 2.02 and shall not be deemed to be “filed”.

Exhibit No.	Description
99.1	Press Release Dated May 18, 2012

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
	Senior Vice President and Chief Financial Officer

May 18, 2012

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release Dated May 18, 2012

EX-99.1

EXHIBIT 99.1

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

HIBBETT REPORTS FIRST QUARTER FISCAL 2013 RESULTS

·   Achieves 10th Consecutive Quarter of Comparable Store Sales Increase

·   Comparable Store Sales up 11%

·   EPS Increases 29%

·   Increases Fiscal 2013 Guidance

BIRMINGHAM, Ala. (May 18, 2012) – Hibbett Sports, Inc. (NASDAQ/GS: HIBB), a sporting goods retailer, today announced results for the first quarter ended April 28, 2012.

Financial Highlights

Net sales for the 13-week period ended April 28, 2012, increased 14.4% to $232.9 million compared with $203.7 million for the 13-week period ended April 30, 2011.  Comparable store sales increased 11.1%. Net income for the 13-week period ended April 28, 2012, increased 23.5% to $26.4 million compared with $21.3 million for the 13-week period ended April 30, 2011.  Earnings per diluted share increased 29.0% to $0.98 compared with $0.76 for the 13-week period ended April 30, 2011.

Jeff Rosenthal, President and Chief Executive Officer, stated, “The fast pace of sales and momentum we discussed exiting Fiscal 2012 continued throughout our first quarter. We experienced across-the-board strength in all categories which, when combined with continued cost management and margin improvement, provides further confidence in raising our outlook for Fiscal 2013.  We are proud of the commitment toward excellence that our Hibbett associates demonstrate.”

For the quarter, Hibbett opened 7 new stores, expanded 2 high performing stores and closed 4 underperforming stores, bringing the store base to 835 in 26 states as of April 28, 2012.

Liquidity and Stock Repurchases

Hibbett ended first quarter of Fiscal 2013 with $95.8 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 first quarter, the Company repurchased 316,960 shares of common stock for a total expenditure of $16.8 million.  Approximately $131.1 million of the current $250.0 million authorization remains for future stock repurchases.

Fiscal 2013 Outlook

The Company increased its earnings guidance for Fiscal 2013 to a range of $2.50 to $2.65 per diluted share (which includes an expected contribution of $0.07 to $0.09 per diluted share from the 53rd week) and an increase in comparable store sales in the mid single digit range. For Fiscal 2013, the Company expects to open 55 to 60 new stores, expand approximately 15 high performing stores and close up to 18 stores.

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on Friday, May 18, 2012, to discuss first 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 May 25, 2012, by dialing (402) 977-9140 and entering the passcode, 21576993.

The Company will also provide an online Web simulcast and rebroadcast of its first 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 May 18, 2012, beginning at 10:00 a.m. ET.  The online replay will follow shortly after the call and continue through May 25, 2012.

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 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, 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.  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.

- MORE -

HIBBETT SPORTS, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations

(Dollars in thousands, except per share amounts)

	Thirteen Weeks Ended
	April 28,		April 30,
	2012		2011
Net sales	$	232,914	$	203,656
Cost of goods sold, distribution center
and store occupancy costs		144,486		127,863
Gross profit		88,428		75,793
Store operating, selling and administrative
expenses		42,803		38,373
Depreciation and amortization		3,226		3,279
Operating income		42,399		34,141
Interest expense, net		48		56
Income before provision for income taxes		42,351		34,085
Provision for income taxes		15,988		12,748
Net income	$	26,363	$	21,337
Net income per common share:
Basic earnings per share	$	1.00	$	0.78
Diluted earnings per share	$	0.98	$	0.76
Weighted average shares outstanding:
Basic		26,349		27,446
Diluted		26,898		27,973

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

	April 28,		January 28,
	2012		2012
Assets
Cash and cash equivalents	$	95,831	$	55,138
Inventories, net		180,877		195,071
Other current assets		14,830		18,564
Total current assets		291,538		268,773
Property and equipment, net		38,747		39,596
Other assets		5,544		5,327
Total assets	$	335,829	$	313,696
Liabilities and Stockholders' Investment
Accounts payable	$	75,152	$	73,735
Short-term capital leases		176		173
Accrued expenses		21,160		17,750
Total current liabilities		96,488		91,658
Non-current liabilities		18,365		18,288
Stockholders' investment		220,976		203,750
Total liabilities and stockholders' investment	$	335,829	$	313,696

END OF EXHIBIT 99.1