Delaware
|
000-20969
|
20-8159608
|
(State of Incorporation)
|
(Commission
|
(IRS Employer
|
|
File Number)
|
Identification No.)
|
Exhibit No.
|
Description
|
99.1
|
Press Release Dated May 24, 2013
|
|
HIBBETT SPORTS, INC.
|
|
|
|
|
|
By:
|
/s/ Scott J. Bowman
|
|
|
Scott J. Bowman
|
|
|
Senior Vice President and Chief Financial Officer
|
Exhibit No.
|
Description
|
99.1
|
Press Release Dated May 24, 2013
|
Contact: | Scott J. Bowman | |
Senior Vice President & | ||
Chief Financial Officer | ||
(205) 942-4292 |
·
|
Maintains Fiscal 2014 Guidance
|
·
|
Fiscal 2014 New Store Openings to Accelerate
|
HIBBETT SPORTS, INC. AND SUBSIDIARIES
|
||||||||
Unaudited Condensed Consolidated Statements of Operations
|
||||||||
(Dollars in thousands, except per share amounts)
|
||||||||
Thirteen Weeks Ended
|
||||||||
May 4, 2013
|
April 28, 2012
|
|||||||
Net sales
|
$
|
239,993
|
$
|
232,914
|
||||
Cost of goods sold, distribution center and store occupancy costs
|
149,116
|
144,486
|
||||||
Gross profit
|
90,877
|
88,428
|
||||||
Store operating, selling and administrative expenses
|
45,113
|
42,803
|
||||||
Depreciation and amortization
|
3,325
|
3,226
|
||||||
Operating income
|
42,439
|
42,399
|
||||||
Interest expense, net
|
45
|
48
|
||||||
Income before provision for income taxes
|
42,394
|
42,351
|
||||||
Provision for income taxes
|
16,180
|
15,988
|
||||||
Net income
|
$
|
26,214
|
$
|
26,363
|
||||
|
||||||||
Net income per common share:
|
||||||||
Basic earnings per share
|
$
|
1.01
|
$
|
1.00
|
||||
Diluted earnings per share
|
$
|
1.00
|
$
|
0.98
|
||||
|
||||||||
Weighted average shares outstanding:
|
||||||||
Basic
|
25,906
|
26,349
|
||||||
Diluted
|
26,328
|
26,898
|
HIBBETT SPORTS, INC. AND SUBSIDIARIES
|
||||||||
Unaudited Condensed Consolidated Balance Sheets
|
||||||||
(In thousands)
|
||||||||
May 4, 2013
|
February 2, 2013
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
103,188
|
$
|
76,911
|
||||
Accounts receivable, net
|
9,591
|
5,954
|
||||||
Inventories, net
|
205,495
|
221,378
|
||||||
Prepaid expenses and other
|
15,165
|
17,371
|
||||||
Total current assets
|
333,439
|
321,614
|
||||||
Property and equipment, net
|
53,905
|
49,076
|
||||||
Other assets
|
6,937
|
6,641
|
||||||
Total assets
|
$
|
394,281
|
$
|
377,331
|
||||
Liabilities and Stockholders' Investment
|
||||||||
Accounts payable
|
$
|
83,469
|
$
|
102,021
|
||||
Short-term capital leases
|
704
|
714
|
||||||
Accrued expenses
|
24,653
|
15,980
|
||||||
Total current liabilities
|
108,826
|
118,715
|
||||||
Non-current liabilities
|
19,337
|
19,489
|
||||||
Stockholders' investment
|
266,118
|
239,127
|
||||||
Total liabilities and stockholders' investment
|
$
|
394,281
|
$
|
377,331
|
HIBBETT SPORTS, INC. AND SUBSIDIARIES
|
||||||||
Supplemental Information
|
||||||||
(Unaudited)
|
||||||||
Thirteen Weeks Ended
|
||||||||
May 4, 2013
|
April 28, 2012
|
|||||||
Sales Information
|
||||||||
Net sales increase
|
3.0
|
%
|
14.4
|
%
|
||||
Comparable store sales increase
|
0.8
|
%1
|
11.1
|
%2
|
||||
|
||||||||
Store Count Information
|
||||||||
Beginning of period
|
873
|
832
|
||||||
New stores opened
|
9
|
7
|
||||||
Stores closed
|
(3
|
)
|
(4
|
)
|
||||
End of period
|
879
|
835
|
||||||
|
||||||||
Stores expanded
|
5
|
2
|
||||||
Estimated square footage at end of period (in thousands)
|
5,054
|
4,773
|
||||||
|
||||||||
Balance Sheet Information
|
||||||||
Average inventory per store
|
$
|
233,782
|
$
|
216,619
|
||||
|
||||||||
Share Repurchase Program
|
||||||||
Shares
|
99,430
|
316,960
|
||||||
Cost (in thousands)
|
$
|
5,440
|
$
|
16,802
|
||||
1) Represents the increase in comparable store sales from the thirteen weeks ended May 5, 2012 to the thirteen weeks ended May 4, 2013.
|
||||||||
2) As originally reported for the first quarter ended April 28, 2012. The comparable store sales increase was 8.6% adjusted for the week shift due to the 53rd week in Fiscal 2013.
|
Due to the 53rd week in Fiscal 2013, each quarter in Fiscal 2014 starts one week later than the same quarter in Fiscal 2013. The chart below presents comparable store sales for Fiscal 2013 as originally reported and as adjusted to represent the same 13-week period as the Fiscal 2014 quarters.
|
||||||||||||||||||||
Fiscal 2013
|
||||||||||||||||||||
First Quarter
|
Second Quarter
|
Third Quarter
|
Fourth Quarter
|
Full Year
|
||||||||||||||||
Comparable store sales increase (originally reported)
|
11.1
|
%
|
4.8
|
%
|
6.4
|
%
|
4.9
|
%
|
6.9
|
%
|
||||||||||
Comparable store sales increase (adjusted for week shift)
|
8.6
|
%
|
12.5
|
%
|
-0.7
|
%
|
4.4
|
%
|
6.0
|
%
|
||||||||||
Impact of week shift
|
-2.5
|
%
|
7.7
|
%
|
-7.1
|
%
|
-0.5
|
%
|
-0.9
|
%
|