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) March 11, 2016

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.)

2700 Milan Court

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 and fifty-two week period ended January 30, 2016, in a press release issued on March 11, 2016.

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  March 11, 2016

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/ Scott J. Bowman
	Scott J. Bowman
	Senior Vice President and Chief Financial Officer

March 11, 2016

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release Dated  March 11, 2016

EX-99.1

Exhibit 99.1

Contact:Scott J. Bowman

Senior Vice President &

Chief Financial Officer

(205) 942-4292

HIBBETT REPORTS FOURTH QUARTER AND FISCAL 2016 RESULTS

·   EPS of $0.76 in Fourth Quarter

·   Comparable Store Sales Decrease 0.6% in Fourth Quarter

·   Issues Fiscal 2017 Outlook

BIRMINGHAM, Ala. (March 11, 2016) – Hibbett Sports, Inc. (NASDAQ/GS: HIBB), an athletic specialty retailer, today announced results for the fourth quarter and fiscal year ended January 30, 2016.

Fourth Quarter Results

Net sales for the 13-week period ended January 30, 2016, increased 2.7% to $245.7 million compared with $239.3 million for the 13-week period ended January 31, 2015.  Comparable store sales decreased 0.6%.

Gross profit was 34.8% of net sales for the 13-week period ended January 30, 2016, compared with 35.5% for the 13-week period ended January 31, 2015.

Store operating, selling and administrative expenses were 21.8% of net sales for the 13-week period ended January 30, 2016, compared with 20.4% of net sales for the 13-week period ended January 31, 2015.

Net income for the 13-week period ended January 30, 2016, was $17.4 million compared with $19.9 million for the 13-week period ended January 31, 2015.  Earnings per diluted share was $0.76 for the 13-week period ended January 30, 2016, compared with $0.79 for the 13-week period ended January 31, 2015.

Jeff Rosenthal, President and Chief Executive Officer, stated, "We were very pleased with our holiday sales driven by improved assortments, new items, and improved replenishment capability.  Sales softened in January as we experienced significant weather related closures and delays in tax refunds.  Looking forward, we are confident that our merchandising initiatives will continue to provide benefits as we enter the important spring season.  Additionally, we are very excited with our hiring of a Vice President of Digital Commerce who will provide the leadership and guidance necessary to drive our ongoing omni-channel initiative."

Fiscal 2016 Results

Net sales for the 52-week period ended January 30, 2016, increased 3.2% to $943.1 million compared with $913.5 million for the 52-week period ended January 31, 2015.  Comparable store sales decreased 0.4%.

-MORE-

HIBB Reports Fourth Quarter and Fiscal 2016 Results

Page 2

March 11, 2016

Gross profit was 35.3% of net sales for the 52-week period ended January 30, 2016, compared with 35.8% for the 52-week period ended January 31, 2015.

Store operating, selling and administrative expenses were 21.6% of net sales for the 52-week period ended January 30, 2016, compared with 21.1% of net sales for the 52-week period ended January 31, 2015.

Net income for the 52-week period ended January 30, 2016, was $70.5 million compared with $73.6 million for the 52-week period ended January 31, 2015.  Earnings per diluted share was $2.92 for the 52-week period ended January 30, 2016, compared with $2.87 for the 52-week period ended January 31, 2015.

For the year, Hibbett opened 71 new stores, expanded 16 high performing stores and closed 15 underperforming stores, bringing the store base to 1,044 in 33 states as of January 30, 2016.

Liquidity and Stock Repurchases

Hibbett ended the fourth quarter of Fiscal 2016 with $32.3 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 fourth quarter, the Company repurchased 99,000 shares of common stock for a total expenditure of $3.4 million.  The Company's Board of Directors approved a new authorization of $300.0 million in November 2015 and the total authorization was available for future stock repurchases as of January 30, 2016.

Fiscal 2017 Outlook

The Company provided the following guidance for Fiscal 2017:

· Earnings per diluted share in the range of $2.90 to $3.04.

· Increase in comparable store sales in the low single digit range.

· Approximately 40 to 50 net new stores.

· Relatively flat product gross margin rate compared to Fiscal 2016.

· An estimated incremental reduction of $0.14 to $0.16 per diluted share due to our ongoing omni-channel initiative.  This will include the rollout of a new point-of-sale system across all stores, preparation of our Store-to-Home capability, and early development of our digital commerce capability.  Included in this estimate is approximately $0.08 per diluted share for depreciation.

· Capital expenditures of approximately $35 million to $40 million.

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on Friday, March 11, 2016, to discuss fourth quarter and Fiscal 2016 results.  The number to call for the live interactive teleconference is (212) 231-2910.  A replay of the conference call will be available until March 18, 2016, by dialing (402) 977-9140 and entering the passcode, 21802839.

-MORE-

HIBB Reports Fourth Quarter and Fiscal 2016 Results

Page 3

March 11, 2016

The Company will also provide an online Web simulcast and rebroadcast of its fourth quarter and Fiscal 2016 conference call.  The live broadcast of Hibbett's quarterly conference call will be available online at www.hibbett.com under Investor Relations on March 11, 2016, beginning at 10:00 a.m. ET.  The online replay will follow shortly after the call and be available for replay for one year.

Hibbett Sports, Inc. operates athletic specialty stores in small to mid-sized markets, predominately in the South, Southwest, Mid-Atlantic and 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 plans, earnings per diluted share, comparable store sales, product gross margin rates, capital expenditures, merchandising initiatives and the impact of our omni-channel initiative.  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 31, 2015 and in our Quarterly Reports on Form 10-Q filed on June 8, 2015, September 8, 2015 and December 8, 2015. In light of these risks and uncertainties, the future events, developments or results described by our forward looking statements in this document could 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-

HIBB Reports Fourth Quarter and Fiscal 2016 Results

Page 4

March 11, 2016

HIBBETT SPORTS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
	Thirteen Weeks Ended				Fifty-Two Weeks Ended
	January 30, 2016		January 31, 2015		January 30, 2016		January 31, 2015
Net sales	$	245,719	$	239,338	$	943,104	$	913,486
Cost of goods sold, wholesale and logistics facility and store occupancy costs		160,250		154,308		610,389		586,702
Gross profit		85,469		85,030		332,715		326,784
Store operating, selling and administrative expenses		53,467		48,870		203,673		192,648
Depreciation and amortization		4,382		4,213		17,038		15,990
Operating income		27,620		31,947		112,004		118,146
Interest expense, net		90		76		292		293
Income before provision for income taxes		27,530		31,871		111,712		117,853
Provision for income taxes		10,119		11,946		41,184		44,269
Net income	$	17,411	$	19,925	$	70,528	$	73,584
Net income per common share:
Basic earnings per share	$	0.76	$	0.80	$	2.95	$	2.90
Diluted earnings per share	$	0.76	$	0.79	$	2.92	$	2.87
Weighted average shares outstanding:
Basic		22,790		24,965		23,947		25,369
Diluted		22,960		25,205		24,129		25,620

-MORE-

HIBB Reports Fourth Quarter and Fiscal 2016 Results

Page 5

March 11, 2016

HIBBETT SPORTS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
	January 30, 2016		January 31, 2015
Assets
Cash and cash equivalents	$	32,274	$	88,397
Inventories, net		283,099		240,408
Other current assets		14,995		26,693
Total current assets		330,368		355,498
Property and equipment, net		101,389		92,981
Other assets		10,615		3,918
Total assets	$	442,372	$	452,397
Liabilities and Stockholders' Investment
Accounts payable	$	88,456	$	84,439
Short-term capital leases		478		436
Accrued expenses		16,256		17,250
Total current liabilities		105,190		102,125
Non-current liabilities		26,336		25,491
Stockholders' investment		310,846		324,781
Total liabilities and stockholders' investment	$	442,372	$	452,397

-MORE-

HIBB Reports Fourth Quarter and Fiscal 2016 Results

Page 6

March 11, 2016

HIBBETT SPORTS, INC. AND SUBSIDIARIES
Supplemental Information
(Unaudited)
	Thirteen Weeks Ended						Fifty-Two Weeks Ended
	January 30, 2016			January 31, 2015			January 30, 2016			January 31, 2015
Sales Information
Net sales increase		2.7	%		9.9	%		3.2	%		7.2	%
Comparable store sales (decrease) increase		-0.6	%		5.4	%		-0.4	%		2.9	%
Store Count Information
Beginning of period		1,031			969			988			927
New stores opened		20			22			71			80
Stores closed		(7	)		(3	)		(15	)		(19	)
End of period		1,044			988			1,044			988
Stores expanded		8			2			16			9
Estimated square footage at end of period (in thousands)		5,974			5,649
Balance Sheet Information
Average inventory per store	$	271,168		$	243,328
Share Repurchase Program
Shares		99,000			133,711			2,236,389			1,206,006
Cost (in thousands)	$	3,389		$	6,394		$	91,333		$	60,971

-END-