DELAWARE
(State or other jurisdiction of incorporation or organization)
|
20-8159608
(I.R.S. Employer Identification No.)
|
|
Yes
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X
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No
|
|
|
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Yes
|
X
|
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No
|
|
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Large accelerated filer
|
X
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|
Accelerated filer
|
|
|
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Non-accelerated filer
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Smaller reporting company
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Yes
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No
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X
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HIBBETT SPORTS, INC.
|
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|
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INDEX
|
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Page
|
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|
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PART I. FINANCIAL INFORMATION
|
|||
|
|||
Item 1.
|
|||
|
|
|
|
|
Unaudited Condensed Consolidated Balance Sheets at November 2, 2013 and February 2, 2013
|
2
|
|
|
|||
|
Unaudited Condensed Consolidated Statements of Operations for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012
|
3
|
|
|
|||
|
Unaudited Condensed Consolidated Statements of Cash Flows for the thirty-nine weeks ended November 2, 2013 and October 27, 2012
|
4
|
|
|
|||
|
5
|
||
|
|||
Item 2.
|
10
|
||
|
|||
Item 3.
|
17
|
||
|
|||
Item 4.
|
17
|
||
|
|||
PART II. OTHER INFORMATION
|
|||
|
|||
Item 1.
|
18
|
||
|
|||
Item 1A.
|
18
|
||
|
|||
Item 2.
|
18
|
||
|
|||
Item 3.
|
18
|
||
|
|||
Item 4.
|
18
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||
|
|||
Item 5.
|
18
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||
|
|||
Item 6.
|
19
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||
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|
19
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||
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|
20
|
ASSETS
|
November 2,
2013
|
February 2,
2013
|
||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
69,937
|
$
|
76,911
|
||||
Inventories, net
|
230,172
|
221,378
|
||||||
Other current assets
|
28,519
|
23,325
|
||||||
Total current assets
|
328,628
|
321,614
|
||||||
|
||||||||
Property and equipment
|
205,187
|
170,560
|
||||||
Less accumulated depreciation and amortization
|
124,018
|
121,484
|
||||||
Property and equipment, net
|
81,169
|
49,076
|
||||||
|
||||||||
Other assets, net
|
6,430
|
6,641
|
||||||
Total Assets
|
$
|
416,227
|
$
|
377,331
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' INVESTMENT
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
93,164
|
$
|
102,021
|
||||
Accrued payroll expenses
|
9,843
|
8,112
|
||||||
Deferred rent
|
3,802
|
3,492
|
||||||
Short-term capital lease obligations
|
682
|
714
|
||||||
Other accrued expenses
|
4,706
|
4,376
|
||||||
Total current liabilities
|
112,197
|
118,715
|
||||||
|
||||||||
Deferred rent
|
12,695
|
12,006
|
||||||
Other liabilities, net
|
6,040
|
7,483
|
||||||
Total liabilities
|
130,932
|
138,204
|
||||||
|
||||||||
Stockholders' Investment:
|
||||||||
Preferred stock, $.01 par value, 1,000,000 shares authorized, no shares issued
|
-
|
-
|
||||||
Common stock, $.01 par value, 80,000,000 shares authorized, 38,143,024 and 37,846,321 shares issued at November 2, 2013 and February 2, 2013, respectively
|
381
|
378
|
||||||
Paid-in capital
|
151,352
|
140,423
|
||||||
Retained earnings
|
475,600
|
421,594
|
||||||
Treasury stock, at cost; 12,368,031 and 12,023,834 shares repurchased at November 2, 2013 and February 2, 2013, respectively
|
(342,038
|
)
|
(323,268
|
)
|
||||
Total stockholders' investment
|
285,295
|
239,127
|
||||||
Total Liabilities and Stockholders' Investment
|
$
|
416,227
|
$
|
377,331
|
|
Thirteen Weeks Ended
|
Thirty-Nine Weeks Ended
|
||||||||||||||
|
November 2,
2013
|
October 27,
2012
|
November 2,
2013
|
October 27,
2012
|
||||||||||||
Net sales
|
$
|
207,971
|
$
|
202,934
|
$
|
634,198
|
$
|
601,293
|
||||||||
Cost of goods sold, including distribution center and store occupancy costs
|
131,483
|
127,494
|
402,907
|
380,900
|
||||||||||||
Gross profit
|
76,488
|
75,440
|
231,291
|
220,393
|
||||||||||||
|
||||||||||||||||
Store operating, selling and administrative expenses
|
45,496
|
41,933
|
134,251
|
125,705
|
||||||||||||
Depreciation and amortization
|
3,549
|
3,207
|
10,193
|
9,613
|
||||||||||||
Operating income
|
27,443
|
30,300
|
86,847
|
85,075
|
||||||||||||
|
||||||||||||||||
Interest expense, net
|
55
|
39
|
142
|
127
|
||||||||||||
Income before provision for income taxes
|
27,388
|
30,261
|
86,705
|
84,948
|
||||||||||||
|
||||||||||||||||
Provision for income taxes
|
10,138
|
11,296
|
32,700
|
31,725
|
||||||||||||
Net income
|
$
|
17,250
|
$
|
18,965
|
$
|
54,005
|
$
|
53,223
|
||||||||
|
||||||||||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$
|
0.67
|
$
|
0.73
|
$
|
2.09
|
$
|
2.03
|
||||||||
Diluted
|
$
|
0.66
|
$
|
0.71
|
$
|
2.05
|
$
|
1.99
|
||||||||
|
||||||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
25,823
|
26,125
|
25,893
|
26,234
|
||||||||||||
Diluted
|
26,282
|
26,613
|
26,309
|
26,738
|
|
Thirty-Nine Weeks Ended
|
|||||||
|
November 2,
2013
|
October 27,
2012
|
||||||
Cash Flows From Operating Activities:
|
||||||||
Net income
|
$
|
54,005
|
$
|
53,223
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
10,193
|
9,613
|
||||||
Stock-based compensation
|
4,727
|
4,824
|
||||||
Other non-cash adjustments to net income
|
(3,575
|
)
|
(4,617
|
)
|
||||
Increase in inventories, net
|
(8,794
|
)
|
(12,212
|
)
|
||||
(Decrease) increase in accounts payable
|
(8,857
|
)
|
15,148
|
|||||
Changes in other operating assets and liabilities
|
1,835
|
2,250
|
||||||
Net cash provided by operating activities
|
49,534
|
68,229
|
||||||
|
||||||||
Cash Flows From Investing Activities:
|
||||||||
Capital expenditures
|
(42,504
|
)
|
(15,112
|
)
|
||||
Other, net
|
(327
|
)
|
(343
|
)
|
||||
Net cash used in investing activities
|
(42,831
|
)
|
(15,455
|
)
|
||||
|
||||||||
Cash Flows From Financing Activities:
|
||||||||
Cash used for stock repurchases
|
(14,483
|
)
|
(35,190
|
)
|
||||
Payments on capital lease obligations
|
(204
|
)
|
(123
|
)
|
||||
Proceeds from options exercised and purchase of shares under the employee stock purchase plan
|
1,502
|
2,547
|
||||||
Other, net
|
(492
|
)
|
142
|
|||||
Net cash used in financing activities
|
(13,677
|
)
|
(32,624
|
)
|
||||
|
||||||||
Net (decrease) increase in cash and cash equivalents
|
(6,974
|
)
|
20,150
|
|||||
Cash and cash equivalents, beginning of period
|
76,911
|
55,138
|
||||||
Cash and cash equivalents, end of period
|
$
|
69,937
|
$
|
75,288
|
|
November 2, 2013
|
February 2, 2013
|
||||||||||||||||||||||
|
Level I
|
Level II
|
Level III
|
Level I
|
Level II
|
Level III
|
||||||||||||||||||
Short-term investments
|
$
|
486
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Long-term investments
|
1,902
|
-
|
-
|
1,912
|
-
|
-
|
||||||||||||||||||
Total investments
|
$
|
2,388
|
$
|
-
|
$
|
-
|
$
|
1,912
|
$
|
-
|
$
|
-
|
|
Thirteen Weeks Ended
|
Thirty-Nine Weeks Ended
|
||||||||||||||
|
November 2, 2013
|
October 27, 2012
|
November 2, 2013
|
October 27, 2012
|
||||||||||||
Stock-based compensation expense by type:
|
||||||||||||||||
Stock options
|
$
|
17
|
$
|
32
|
$
|
340
|
$
|
774
|
||||||||
Restricted stock unit awards, including performance-based
|
1,321
|
1,024
|
4,207
|
3,978
|
||||||||||||
Employee stock purchases
|
26
|
16
|
84
|
51
|
||||||||||||
Director deferred compensation
|
34
|
15
|
96
|
21
|
||||||||||||
Total stock-based compensation expense
|
1,398
|
1,087
|
4,727
|
4,824
|
||||||||||||
Income tax benefit recognized
|
516
|
403
|
1,745
|
1,797
|
||||||||||||
Stock-based compensation expense, net of income tax
|
$
|
882
|
$
|
684
|
$
|
2,982
|
$
|
3,027
|
|
Thirteen Weeks Ended
|
Thirty-Nine Weeks Ended
|
||||||||||||||
|
November 2, 2013
|
October 27, 2012
|
November 2, 2013
|
October 27, 2012
|
||||||||||||
Stock options
|
810
|
1,530
|
19,251
|
39,772
|
||||||||||||
Restricted stock unit awards
|
-
|
2,801
|
62,625
|
66,317
|
||||||||||||
Performance-based restricted stock unit awards
|
-
|
-
|
36,700
|
38,100
|
||||||||||||
Deferred stock units
|
601
|
252
|
8,076
|
361
|
|
Thirteen Weeks Ended
|
Thirty-Nine Weeks Ended
|
||||||||||||||
|
November 2, 2013
|
October 27, 2012
|
November 2, 2013
|
October 27, 2012
|
||||||||||||
Weighted-average shares used in basic computations
|
25,823
|
26,125
|
25,893
|
26,234
|
||||||||||||
Dilutive equity awards
|
459
|
488
|
416
|
504
|
||||||||||||
Weighted-average shares used in diluted computations
|
26,282
|
26,613
|
26,309
|
26,738
|
|
Capital
|
Operating
|
Total
|
|||||||||
Remaining Fiscal 2014
|
$
|
547
|
$
|
11,147
|
$
|
11,694
|
||||||
Fiscal 2015
|
372
|
44,457
|
44,829
|
|||||||||
Fiscal 2016
|
375
|
34,417
|
34,792
|
|||||||||
Fiscal 2017
|
385
|
27,040
|
27,425
|
|||||||||
Fiscal 2018
|
385
|
20,131
|
20,516
|
|||||||||
Fiscal 2019
|
385
|
13,263
|
13,648
|
|||||||||
Thereafter
|
821
|
24,612
|
25,433
|
|||||||||
Total minimum lease payments
|
3,270
|
175,067
|
178,337
|
|||||||||
Less amount representing interest
|
622
|
-
|
622
|
|||||||||
Present value of total minimum lease payments
|
$
|
2,648
|
$
|
175,067
|
$
|
177,715
|
|
November 2, 2013
|
February 2, 2013
|
||||||
Unrecognized tax benefits - beginning of year
|
$
|
2,708
|
$
|
2,604
|
||||
Gross increases - tax positions in prior period
|
242
|
55
|
||||||
Gross decreases - tax positions in prior period
|
(964
|
)
|
(42
|
)
|
||||
Gross increases - tax positions in current period
|
282
|
278
|
||||||
Settlements
|
(572
|
)
|
-
|
|||||
Lapse of statute of limitations
|
(210
|
)
|
(187
|
)
|
||||
Unrecognized tax benefits - end of year
|
$
|
1,486
|
$
|
2,708
|
· | our expectations concerning store locations, types and size; |
· | store traffic and transaction size; |
· | the costs and possible outcomes of pending legal actions and other contingencies; |
· | our cash needs and capital expenditures, including our intentions and ability to fund our new stores and other future capital expenditures and working capital requirements; |
· | our plans relating to our new wholesaling and logistics facility; |
· | our ability and plans to renew or increase our revolving credit facilities; |
· | our estimates and assumptions as they relate to the preparation of our unaudited condensed consolidated financial statements including our estimates of economic and useful lives of depreciable assets and leases and our anticipated annual effective tax rate based on expected taxable income; and |
· | seasonality and the effect of inflation. |
Fiscal 2013
|
||||||||||||||||||||
First Quarter
|
Second Quarter
|
Third Quarter
|
Fourth Quarter
|
Full Year
|
||||||||||||||||
Comparable store sales increase (as originally reported - fiscal basis)
|
11.1
|
%
|
4.8
|
%
|
6.4
|
%
|
4.9
|
%
|
6.9
|
%
|
||||||||||
Comparable store sales increase (as adjusted to reflect calendar 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
|
%
|
Thirteen Weeks Ended
|
Thirty-Nine Weeks Ended
|
|||||||||||||||
November 2, 2013
|
October 27, 2012
|
November 2, 2013
|
October 27, 2012
|
|||||||||||||
Statements of Operations
|
||||||||||||||||
Net sales increase
|
2.5
|
%
|
9.6
|
%
|
5.5
|
%
|
11.0
|
%
|
||||||||
Comparable store sales increase
|
4.8
|
%1
|
6.4
|
%2
|
1.8
|
%1
|
7.7
|
%2
|
||||||||
Gross profit (as a % to net sales)
|
36.8
|
%
|
37.2
|
%
|
36.5
|
%
|
36.7
|
%
|
||||||||
Store operating, selling and administrative expenses (as a % to net sales)
|
21.9
|
%
|
20.7
|
%
|
21.2
|
%
|
20.9
|
%
|
||||||||
Depreciation and amortization (as a % to net sales)
|
1.7
|
%
|
1.6
|
%
|
1.6
|
%
|
1.6
|
%
|
||||||||
Provision for income taxes (as a % to net sales)
|
4.9
|
%
|
5.6
|
%
|
5.2
|
%
|
5.3
|
%
|
||||||||
Net income (as a % to net sales)
|
8.3
|
%
|
9.4
|
%
|
8.5
|
%
|
8.9
|
%
|
||||||||
|
||||||||||||||||
Earnings per diluted share
|
$
|
0.66
|
$
|
0.71
|
$
|
2.05
|
$
|
1.99
|
||||||||
Weighted-average dilutive shares (in thousands)
|
26,282
|
26,613
|
26,309
|
26,738
|
||||||||||||
Balance Sheets
|
||||||||||||||||
Ending cash and cash equivalents (in thousands)
|
$
|
69,937
|
$
|
75,288
|
||||||||||||
Average inventory per store
|
$
|
254,615
|
$
|
244,437
|
||||||||||||
Store Information
|
||||||||||||||||
Beginning of period
|
892
|
837
|
873
|
832
|
||||||||||||
New stores opened
|
16
|
13
|
42
|
27
|
||||||||||||
Stores closed
|
(4
|
)
|
(2
|
)
|
(11
|
)
|
(11
|
)
|
||||||||
End of period
|
904
|
848
|
904
|
848
|
||||||||||||
Stores expanded
|
4
|
4
|
12
|
10
|
||||||||||||
Estimated square footage at end of period (in thousands)
|
5,216
|
4,860
|
||||||||||||||
|
||||||||||||||||
Share Repurchase Program
|
||||||||||||||||
Shares purchased
|
134,406
|
206,729
|
344,197
|
700,132
|
||||||||||||
Cost (in thousands)
|
$
|
7,142
|
$
|
11,822
|
$
|
18,771
|
$
|
38,843
|
· | We opened 16 Hibbett Sports stores, expanded 4 high performing stores and closed 4 underperforming stores. |
· | Comparable store sales increased 4.8% on a calendar basis, driven by activewear, footwear, and accessories, offset by weaker performance in licensed products and cleats. |
· | Activewear was driven by branded apparel, while footwear was driven by basketball, men's lifestyle, and men's running. The accessories business was particularly strong for back-to-school. Licensed products were weaker mainly due to weakness in headwear. Cleats experienced weaker performance driven by men's soccer. |
· | During the period, we experienced an increase in sales of premium product resulting in higher dollars per transaction. The number of transactions increased marginally and was strongest during our back- to-school season. This increase was driven by strong inventory levels, improved market level assortments and excellent customer service. |
· | Product margin decreased 7 basis points as a percentage of net sales primarily due to promotional activity related to the management of inventory levels. |
· | Distribution expenses decreased 7 basis points as a percentage of net sales mainly due to improved product flow and better management of labor costs. |
· | Store occupancy expense increased 39 basis points as a percentage of net sales mainly due to the lower sales volume associated with the week shift in the fiscal calendar. |
· | Salaries and benefits increased 98 basis points as a percentage of net sales mainly due to the lower sales volume due to the week shift in the fiscal calendar. |
· | Expenses associated with the new corporate office (including duplicate expenses associated with our former location) increased 12 basis points as a percentage of net sales. |
· | New store costs increased 4 basis points as a percentage of net sales due to increased store openings. |
· | We opened 42 Hibbett Sports stores, expanded 11 high performing stores and closed 11 underperforming stores in the thirty-nine weeks ended November 2, 2013. New stores and stores not in the comparable store net sales calculation increased net sales by $22.5 million. |
· | Comparable store sales increased 1.8% on a calendar basis. The increase in comparable store sales was driven by strong performances in activewear, footwear, and accessories offset by weaker performances in licensed products, cleats and equipment. |
· | We continue to experience an increase in dollars per transaction due to increased selling of premium products and an increase in items per transaction. This was partially offset by a reduction in the number of transactions. We continue to adjust our assortments to meet customer demand by local market while providing a high level of customer service and in-stock position to enhance the customer experience. |
· | Product margin decreased 16 basis points as a percentage of net sales due to promotional activity related to the management of inventory levels. |
· | Distribution expenses as a percentage of net sales decreased 14 basis points resulting primarily from decreased labor costs and consulting fees. |
· | Store occupancy expense increased 16 basis points as a percentage of net sales primarily due to lower comparable store sales and slightly higher rent costs for existing stores. |
·
|
Salaries and benefits increased 17 basis points as a percentage of net sales mainly due to lower comparable store sales and lower sales volume related to the week shift in the fiscal calendar.
|
· | Expenses associated with the new corporate office (including duplicate expenses associated with our former location) increased 11 basis points as a percentage of net sales. |
· | New store costs increased 8 basis points as a percentage of net sales due to increased store openings. |
Thirty-Nine Weeks Ended
|
||||||||
November 2, 2013
|
October 27, 2012
|
|||||||
Net cash provided by operating activities
|
$
|
49,534
|
$
|
68,229
|
||||
Net cash used in investing activities
|
(42,831
|
)
|
(15,455
|
)
|
||||
Net cash used in financing activities
|
(13,677
|
)
|
(32,624
|
)
|
||||
Net (decrease) increase in cash and cash equivalents
|
$
|
(6,974
|
)
|
$
|
20,150
|
ITEM 1A. | Risk Factors. |
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Period
|
Total Number of Shares Purchased
|
Average Price per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Programs
|
Approximate Dollar Value of Shares that may yet be Purchased Under the Programs (in thousands)
|
||||||||||||
August 4, 2013 to August 31, 2013
|
36,000
|
$
|
52.21
|
36,000
|
$
|
236,200
|
||||||||||
September 1, 2013 to October 5, 2013
|
82,406
|
$
|
52.99
|
82,406
|
$
|
231,834
|
||||||||||
October 6, 2013 to November 2, 2013
|
16,000
|
$
|
56.02
|
16,000
|
$
|
230,938
|
||||||||||
Total
|
134,406
|
$
|
53.14
|
134,406
|
$
|
230,938
|
(1) | In November 2012, the Board authorized a Stock Repurchase Program (Program) of $250.0 million to repurchase our common stock through January 29, 2016. As of November 2, 2013, we have approximately $230.9 million remaining available under the Program for stock repurchases. See Note 7, "Stock Repurchase Program". |
|
HIBBETT SPORTS, INC.
|
|
|
|
|
Date: December 10, 2013
|
By:
|
/s/ Scott J. Bowman
|
|
|
Scott J. Bowman
|
|
|
Senior Vice President & Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
Certificate of Incorporation and By-Laws
|
3.1
|
|
Certificate of Incorporation of the Registrant; incorporated herein by reference to Exhibit 3.1 of the Registrant's Form 8-K filed with the Securities and Exchange Commission on May 31, 2012.
|
3.2
|
|
Bylaws of the Registrant, as amended; incorporated herein by reference to Exhibit 3.2 of the Registrant's Form 8-K filed with the Securities and Exchange Commission on May 31, 2012.
|
|
|
|
|
|
Form of Stock Certificate
|
4.1
|
|
Form of Stock Certificate; attached as Exhibit 99.1 to the Registrant's Current Report on Form 8-K filed on September 26, 2007.
|
|
|
|
10.1
|
|
Master Note – Regions Bank Line of Credit; incorporated by reference as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 12, 2013.
|
10.2
|
|
Amendment No. 6 to Loan Documents; incorporated by reference as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 15, 2013.
|
|
|
|
|
|
Certifications
|
31.1
|
*
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
|
31.2
|
*
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
|
32.1
|
*
|
|
|
|
|
|
|
Interactive Data Files
|
101
|
**
|
The following financial information from the Quarterly Report on Form 10-Q for the fiscal quarter ended November 2, 2013, formatted in XBRL (eXtensible Business Reporting Language) and furnished electronically herewith: (i) the Unaudited Condensed Consolidated Balance Sheets at November 2, 2013 and February 2, 2013; (ii) the Unaudited Condensed Consolidated Statements of Operations for the thirteen and thirty-nine weeks ended November 2, 2013 and October 27, 2012; (iii) the Unaudited Condensed Consolidated Statements of Cash Flows for the thirty-nine weeks ended November 2, 2013 and October 27, 2012; and (iv) the Notes to Unaudited Condensed Consolidated Financial Statements.
|
|
|
|
|
*
|
Filed Within
|
|
**
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
1. I have reviewed this quarterly report on Form 10-Q of Hibbett Sports, Inc.;
|
|
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: December 10, 2013
|
/s/ Jeffry O. Rosenthal
|
|
Jeffry O. Rosenthal
|
|
Chief Executive Officer and President
|
|
(Principal Executive Officer)
|
1. I have reviewed this quarterly report on Form 10-Q of Hibbett Sports, Inc.;
|
|
|
|
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
|
|
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
|
|
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
|
|
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
|
|
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
|
|
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
|
|
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
|
|
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
|
|
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
|
|
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
Date: December 10, 2013
|
/s/ Scott J. Bowman
|
|
Scott J. Bowman
|
|
Senior Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|
(1) | the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 as amended; and |
(2) | the information contained in the Report fairly presents in all material respects, the financial condition and results of operations of the Company. |
Date: December 10, 2013
|
|
/s/ Jeffry O. Rosenthal
|
|
|
Jeffry O. Rosenthal
|
|
|
Chief Executive Officer and President
|
|
|
(Principal Executive Officer)
|
Date: December 10, 2013
|
|
/s/ Scott J. Bowman
|
|
|
Scott J. Bowman
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
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Earnings Per Share (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 02, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | The computation of basic earnings per share (EPS) is based on the number of weighted average common shares outstanding during the period. The computation of diluted EPS is based on the weighted average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. The following table sets forth the weighted average common shares outstanding (in thousands):
|
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